Do you need to file a self-assessment tax return ?

Another tax year has ended, and it might be you’re thinking about whether you need to file a self-assessment tax return. 

In summary, this will apply to you if: 

• You were self-employed as a sole trader in the last tax year (6 April 2023 to 5 April 2024) and earned more than £1,000
• You were a partner in a business partnership, or a director of a limited company and your income was not taxed at source, or you have further tax to pay
• You may still need to send a return if you work in specific sectors, were paid more than £100,000 via a PAYE salary scheme, or have any other untaxed income, from sources such as:
  • Renting
  • Tips and commission
  • Savings, investments and dividends
  • Foreign income

Filing a tax return can also be helpful to claim some income tax relief or to prove you are self-employed, ,when for example, claiming maternity allowance or tax-free child care.

HMRC has a handy tool to help determine whether you need to file a self-assessment tax return: https://www.gov.uk/check-if-you-need-tax-return.

Help and advice

If you’re unsure whether you need to file a return, or you’d like help doing this, please get in touch.

About the Author

Martin Johnson

Partner

With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and financial management to owner-managed businesses.  Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues. A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.  

To get in touch please e-mail martin.johnson@torgersens.com.