Do you need to complete a tax return?

With 5 April approaching, taxpayers who have not previously needed a tax return, should consider whether one will be required for the 2017/18 tax year. A tax return will be neeeded if any of the following applies:
- You are self-employed
- You have rental property income of over £2,500
- Your investment/dividend income is over £10,000
- You are a partner in a partnership
- Your income is over £50,000 and your family received child benefit
- You receive any taxable foreign income
- You live abroad but receive UK income
- Your income is over £100,000
- You are a trustee of a trust
- You are a company director (unless you receive no pay or benefits)
- You made profits from selling assets (excluding your home and car)
- Your state pension is more than your personal allowance (currently £11,500)
If you need to submit a tax return for 2017/18, you should register with HMRC by 5 October 2018 at the latest. An on-line tax return for that year will need to be submitted by 31 January 2019, however if you wish to submit a paper tax return, this will need to be done by 31 October 2018.
Penalties apply if you fail to notify HMRC that you need to submit a tax return, even if no additional tax is due.
Registration for a tax return can be done on-line using forms CWF1 (self-employed) or SA1 (not self-employed). New business partnerships also need to register for a tax return using form SA400.
Lentells are experienced in all aspects of personal tax. For further advice please contact your local Lentells office:
Chard - 01460 64441 jane.jordan@lentells.co.uk
Seaton - 01297 20584 michael.griffiths@lentells.co.uk
Taunton - 01823 286274 adrian.stallard@lentells.co.uk