As a client of Contractor Umbrella if you need to complete a Self Assessment Tax Return we can take care of this for you through our sister company, Dolan Accountancy. This service is available to you for a special rate of £99+VAT.
Why you may need to complete a Self Assessment Tax Return?
In a nutshell, if you have received any income outside of your PAYE employment it is likely that you will need to submit a personal Tax Return. This must be submitted by the 31st January each year, or you will face a £100 fine on the 1st February. There is no need to worry though, as Dolan Accountancy can take care of everything for you.
The most common reasons we see for extra income are:
- Permanent employment – if you have had another job alongside your umbrella contract.
- A company director – you could have a dormant limited company or have run a contract through a limited company at another point in the financial year.
- Your income is over £100,000 – you may need to pay additional tax that hasn’t been paid through your PAYE code.
- Your contract is outside of Subsistence, Direction and Control (SDC) – if your contract is outside of IR35 you can still claim, for costs such as; mileage, accommodation, parking and meals.
- Additional expenses to claim – these could include HMRC working from home allowance, professional subscriptions or training, meals when travelling for work (not home to work – i.e. not your usual place of work) and eye tests.
- You have received income, from savings, investments or property – there is different thresholds when it comes to savings and investments, so we advise you speak to an accountant to see if you will need to declare the income.
- If you or your partner earn over £50,000 and claim child benefit – you are required to pay back 1% of your family’s Child Benefit for every extra £100 you earn over £50,000 each year. If you or your partner earn £60,000 you will need to pay back all of your child benefit.
- If you have overseas income – if you have had any income from abroad you may need to pay additional tax.
- If you have an income trusts, settlements and estates – Income tax is due by any named trustee.
- If you have any Capital Gains tax that needs paying – for example if you have sold an asset you owned for £25,000 but it cost you £5,000, you would need to pay Capital Gains tax on the profit £20,000.
- If you would like to like to make additional class 2 contributions – for example if you had a pay gap in the last 6 years, you may want to bridge the gap in your National Insurance contributions to ensure you qualify for a State pension.
If you think you need to submit a personal Tax Return, please contact your Contract Manager who will be able to arrange this for you, or please purchase the package below.