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

HMRC is urging taxpayers to check whether they might need to complete a self-assessment tax return for the 2022 to 2023 tax year.

There are certain situations where you might not be aware that you need to file a tax return.

For example, if you:

• earn income from property that they own and rent out.
• are claiming Child Benefit and they or their partner have an income above £50,000.
• receive interest from banks and building societies (more than £10,000).
• receive dividends in excess of £10,000.
• need to pay Capital Gains Tax.
• are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “It is important that taxpayers check if they need to complete a Self Assessment tax return so they can pay the right amount of tax owed and avoid penalties for not filing a return.

“It is quick and easy to check by using the interactive tool on GOV.UK – there is no need to ring us.”

To find out more about contracting please contact Mahli on 01206 591 000 or email mahli.tugby@contractorumbrella.com.