Blog.
Accounts made easy.
Who must send a tax return? When should they be submitted?
You must submit a tax return if you were:
- Self Employed as a 'sole trader' and earned more than £1000 (Before taking off anything you can claim on relief)
- a partner in a business partnership
You will not ordinarily submit a return if you are employed or solely claiming a pension. However you may need to if you have other sources of income such as:
- Renting out properties
- tips or commission
- income from savings, investments or dividends
- foreign income
If you are not sure you can check here.
Other reasons to submit a return.
- Claim some income tax reliefs
- prove you're self employed, for example to claim Tax-Free Childcare or Maternity Allowance.
If you get Child Benefit
If yours (or your partners) income exceeds £50,000, you may need to send a return and pay the High Income Benefit Charge.
A Calm Guide to Getting Your Business Finances Organised
⭐ MARCH – WEEK 4 Helpful Hint: Your Time Is Valuable — Spend It Running Your Business, Not Doing Paperwork
⭐ MARCH – WEEK 3 Helpful Hint: Monthly Bookkeeping Saves You Money — DIY Costs You More Than You Think
⭐ MARCH – WEEK 2 Helpful Hint: Avoid HMRC Red Flags — Don’t Risk DIY Mistakes
⭐ MARCH – WEEK 1 Helpful Hint: Prepare Early for the New Tax Year — Don’t Repeat Last Year’s Mistakes
⭐ FEBRUARY – WEEK 4 Helpful Hint: Your Tax Return isn’t “Just a Form” — It’s a Financial Risk if Done Incorrectly
⭐ FEBRUARY – WEEK 3 Helpful Hint: Keep Business and Personal Finances Separate — It Saves You Money
⭐ FEBRUARY – WEEK 2 Helpful Hint: Don’t Ignore HMRC Letters — Get Professional Support Immediately
⭐ FEBRUARY – WEEK 1 Helpful Hint: Start the New Tax Year Organised — Avoid Another January Panic
⭐ WEEK 4 – Helpful Hint: Don’t Rush Your Return — Mistakes in January Are Costly (Let a Professional Handle It)
