You are here: Home - Household Bills - News -

Do I need to submit a tax return?

0
Written by:
07/01/2019
A list of who is required to file a self-assessment tax return by the 31 January deadline.

You have just over three weeks to submit your self-assessment tax return to HMRC. If you don’t, you’ll face an initial fixed fine of £100, which applies even if no tax is due.

If you’re not sure whether you should be filing one, check the list below:

People need to complete a tax return if they:

  • are a self-employed sole trader
  • are a partner in a partnership business
  • are a minister of religion (of any faith)
  • are a trustee or executor of an estate
  • have an annual income of £100,000 or more before tax (employee or pensioner)
  • earned more than £2,500 from renting out property
  • have income from savings and investments of £10,000 or more before tax
  • or their partner received Child Benefit and either of them had an annual income of more than £50,000
  • received more than £2,500 in other untaxed income, for example from tips or commission
  • earned income from abroad that they need to pay tax on
  • are a trustee of a trust or a registered pension scheme
  • received a P800 form from HMRC which said they didn’t pay enough tax last year and they haven’t paid what they owe

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
worried mortgage customers
Half of homeowners overpay on their mortgage: should you?

Poor interest rates on savings accounts are encouraging homeowners to overpay on their mortgage, with 18-24 year olds leading the...

Close