Date posted: 4th Nov 2021
The deadline for the submission of a Tax Return to HMRC, on paper, lapsed on 31 October 2021.
However, as we use bespoke software to electronically file Tax Returns with HMRC, we are able to help individuals, partnerships and trusts that we do not already act as agents and complete Tax Returns. This could be for taxpayers that already complete Tax Returns or taxpayers that are new to the Self Assessment system, who may not be aware of the necessity to complete a Tax Return.
In basic terms, you need to complete a Tax Return if you have a tax liability that cannot be collected by HMRC via a direct deduction of tax at source. So most individuals with salary or wages as their only source of income don’t complete Tax Returns as the correct tax should have been deducted from their income by their employer.
Those with untaxed sources of income may need to complete a Tax Return to report the tax due to HMRC. Examples of untaxed income are:
- Income from self employment
- Share of partnership profits
- Rental income
- Bank interest
- Dividend in excess of £2,000
In addition, if you receive child benefit and have income between £50,000 and £60,000 you are likely to meet the requirements to complete a Tax Return. Similarly, if you have income between £100,000 and £125,000, HMRC will usually request that you complete a Tax Return.
If you have sold a capital asset (e.g. a property or share portfolio) then you may need to complete a Tax Return to report any capital gains tax payable.
You may also be required to complete a Tax Return if you have income over £200,000 and your or your employer make significant pension contributions.
There may be other reasons you need to complete a Tax Return so you should check with us.