Who needs to complete a Self Assessment tax return?

Not everyone needs to complete a tax return; if your tax affairs are straightforward you may already pay all of the tax due on your earnings or pensions through your tax code.

If you have more complicated tax affairs, even if you already pay tax through your tax code you may need to complete a tax return.

The most common reasons for needing to complete a tax return are:-

  • You’re self-employed.
  • You’re a company director, minister or Lord.
  • You’re a trustee.
  • You’re receiving foreign income.
  • Your annual income is over £100,000.
  • You or your partner receive Child Benefit and your income is over £50,000.
  • You have Capital Gains Tax to pay.

The full list of who needs to complete a Self Assessment Tax Return can be found on HMRC’s website.

Deadlines for sending in your tax return

Paper returns

If you send a paper tax return it must reach HMRC by midnight on 31 October.

So for the 2013-14 tax year (ending on 5 April 2014), the deadline for paper returns is midnight on 31 October 2014.

Online returns

Your online tax return must reach HMRC by midnight on 31 January.

So for the 2013-14 tax year, the deadline for online returns is midnight on 31 January 2015.  There are very few exceptions.

Penalties if you miss the tax return deadline

If you miss the deadline, the longer you delay, the more you’ll have to pay. So it’s important to that you tax return is filed on time.  Full details of the penalties payable for late returns can be found on the HMRC website.

No one wants to pay too much tax!  Our tax specialists have considerable experience and will make sure you don’t pay a penny too much tax.

Call 01233 630000 or complete our contact form to speak to a member of our tax team who will be happy to discuss your tax affairs with you and provide you with a quote.

An introduction to Self-assessment