Do I need to complete a personal tax return?
Are you unsure if you need to complete a personal tax return? Then read on, because there are a number of reasons why you may need to.

You will have to file a tax return for 2018-19 if you were:
 
  • Self-employed as a sole trader and earned over £1,000 during the tax year
  • A partner in a business partnership
  • Company Director

If the only income you received during the tax year is your pension or salary, it is unlikely that you will be required to file a tax return.

However if you have other incomes, such as those listed below, you may be required to file a tax return.
 
  • Rental Income
  • Tips and commission
  • Income from savings, investments or dividends
  • Foreign income

Other reasons for filing a tax return is to serve the purpose of claiming back expenses or reliefs.

When do I need to file my return by?

The 2018-19 tax year has now ended, so personal tax returns are already starting to be filed ahead of the 31st January 2020 deadline.

We always advise clients to get tax returns filed as early as possible, to ensure that the deadline is met.  Filing early will also ensure you know what the tax bill will be, and could also result in a reduced payment on account in July 2019.

Where do I find more information on tax returns?

If you are unsure whether you should be completing a tax return then check out HMRC’s link: https://www.gov.uk/check-if-you-need-tax-return  or call us on 01462 791079 and we’ll be happy to offer advice and assistance.

Get in touch - If you'd like to find out more about how we can help you and your business pay less tax, generate more profits and create long-term wealth for you and your family, please get in touch now