Self Assessment

With the Self Assessment submission deadline only 3 months away (31st January 2016). I thought that now would be a great time to summarise the basic requirements for self assessment.

Firstly you’ll get a penalty if you need to send a tax return and you miss the deadline for submitting it or paying your bill.

You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late.

You’ll need to send a tax return if, in the last tax year:

  • you were self-employed – you can deduct allowable expenses
  • you got £2,500 or more in untaxed income, eg from renting out a property or savings and investments – contact the helpline if it was less than £2,500
  • your savings or investment income was £10,000 or more before tax
  • you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
  • you were a company director – unless it was for a non-profit organisation (eg a charity) and you didn’t get any pay or benefits, like a company car
  • your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
  • you had income from abroad that you needed to pay tax on
  • you lived abroad and had a UK income
  • you got dividends from shares and you’re a higher or additional rate taxpayer – but if you don’t need to send a return for any other reason, contact the helpline instead
  • your income was over £100,000
  • you were a trustee of a trust or registered pension scheme

If you need to get your tax return sorted contact me today – mitch@fusionconsult.co.uk or 0203 841 7018

Arrange a call back

I consent to be contacted by Fusion Consulting Limited using the details I have provided above*.
I consent to Fusion Consulting Limited and its other group companies to process my data in accordance with its GDPR Policy.

Please note that your details shall only be used to contact you in relation to your message and not used for any other marketing purposes or shared with any 3rd parties without your consent.Further information is available here and here .

Contact Us