Most people who work for an employer will not have to do a self assessment tax return because their tax is taken out of their wages directly and given to the Inland Revenue, this is known as the PAYE (Pay As You Earn) tax system.
There are however a number of reasons why you might need to do a tax return, even if you are working. We have created a list below which helps to show when you will need to do a tax return:
If you have any questions, leave a comment at the bottom of this page.
Who Needs to Do a Self Assessment Tax Return:
1 . If HMRC ask you to complete a self assessment tax return, you must.
2. Company director
3. A religious minister
If your income is above:
4. £10,000 from savings and investments
5. £2,500 from untaxed savings and investments
6. £10,000 from rental property before deducting any allowable expenses
7. £2,500 from rental property after deducting any allowable expenses.
8. Any income from a deceased persons estate where no tax has been paid.
9. Any income from abroad that is liable for UK tax.
10. £100,000 for your annual income
If you also want to claim any tax relief above £2,500 you will need to complete a self assessment tax return.