You may be familiar with filling in self-assessment tax returns, but if it is your first time, you need to understand the process.
It is useful to take professional advice and if you are based in Gloucestershire, near to Stroud accountants can be found at sites such as www.randall-payne.co.uk/services/accountancy/stroud-accountants/.
Why would I need to submit a tax return?
There are a number of circumstances why this may apply to you.
You may be self-employed and have earned more than £1,000 prior to expenses while a sole trader. . You could be involved in a business partnership. . You have a total taxable income in excess of £150,000 in the tax year. Even if it is below this level, you may have other income such as rental or capital gains. . You paid Capital Gains Tax after disposal of assets or their sale. . During the tax year, you were liable for the charge of High Income Child Benefit. You may have other untaxed income. This could be property rental, commission or tips, income from investments or savings or income from abroad.
What are the deadlines for submitting a self-assessment tax form?
First of all, you can check online whether you need to send a tax return online.
Then, if you feel you need to do so, there are different deadlines depending on whether you are making a paper or online submission.
For the 2024/5 tax year, a paper return must be in by midnight on 31st October. If you are providing a return online, it must be completed by 31st January 2026.