High earners and self-employed workers need to file self-assessment tax returns
Most UK taxpayers have their taxes deducted automatically from their wages, pensions or savings, and won’t need to file a tax return. But tax returns are due from individuals or businesses who haven’t had tax automatically deducted, or who have earned extra untaxed income.
You’ll need to submit a tax return if any of the following applied to you in the 2020/2021 tax year:
- You were self-employed and your income was more than £1,000
- Your income was more than £50,000, and you or your partner claimed child benefit
- You earned more than £2,500 from renting out property, or from other untaxed income, such as tips or commission
- You earned more than £100,000 in taxable income
- You earned £10,000 or more before tax from savings, investments, shares or dividends
- You earned income from abroad, or lived abroad and had a UK income
- You need to pay capital gains tax
- You received income from a trust
- Your state pension was more than your personal allowance and was your only source of income (unless you started getting your pension on or after 6 April 2016)
- HMRC has told you that you didn’t pay enough tax last year (and you haven’t already paid up through your tax code or voluntary payments)
- You filed a self-assessment tax return last year (even if you didn’t owe any tax). You’ll need to do this unless HMRC has already written to you to say you don’t need to file one
What to do next?
Our dedicated team is here to help you, simply contact us or book a free consultation. We provide our services across much of Lancashire and the North West, including: Bamber Bridge, Blackburn, Buckshaw Village, Burnley, Chipping, Chorley, Clitheroe, Darwen, Gisburn, Harrop Fold, Lancaster, Leyland, Longridge, Lostock Hall, Penwortham, Preston, Ribchester, Sawley, Skipton, Swinden, West Bradford, Whalley and the surrounding areas.
