Self Assessment Tax Returns

Income received in the year from multiple sources, needs to be computed as soon as higher rate or variable rate tax is assess able, and should be reported on annual Tax Return. Regardless of working status – student full time employment, retired, jobless – multiple sources of income need to be aggregated for assessment to allowances, reliefs and tax charge.

The most common reason that a tax return may be required are  as follows:

• You are self employed or a partner in a partnership
• You are a company director
• You have large untaxed savings or investment income
• You own land or property that is being let
• Your household receives Child Benefits and you have income over £50,000
• You have income from overseas
• You have sold or given an asset away (such as a holiday home or some shares)
• You’ve lived or worked abroad or aren’t domiciled in the UK