Butcher, baker, candlestick-maker? People from all walks of life need to file a tax return…

04 July 2013

It’s a common misconception that only the self-employed business owner has to file a tax return. In actual fact, there are numerous other groups who also need to file a self assessment – for example if…

• You are a company director (unless you’re a director of a non-profit organisation e.g. a charity, and don’t receive any payments or benefits)
• You are a minister of religion (any faith)
• You are a name or member of Lloyd’s of London
• Your annual income is £100,000 or more
• You have income from savings, investment or property
• You need to claim expenses or reliefs – for example if you’re employed and want to claim expenses or professional subscriptions of £2,500 or more, or if you are claiming reliefs such as Enterprise Investment Scheme or Venture Capital Trusts relief which you can only do through a tax return (see our Private Clients section for more about these investment vehicles)
• You or your partner receive Child Benefit and your income is over £50,000
• You’re 65 and receive a reduced age-related allowance
• You get income from overseas
• You have income from trusts, settlements and estates
• You have Capital Gains Tax to pay (see our Tax pages for news on HMRC’s imminent CGT campaign)
• You’ve lived or worked abroad or aren’t domiciled in the UK
• You’re a trustee

As often is the case with HMRC, specific regulations apply to different circumstances, so it’s best to take advice before completing your return. If you haven’t registered for self-assessment, it is best to do so as soon as your circumstances change. The latest date that you need to do so is 5th October following the end of the tax year in question (so for income in the 2012/13 tax year ending 5th April 2013, you will need to register by 5th October 2013 latest) HMRC will then issue a notice to file a self-assessment and also issue you with a 10 digit UTR (Unique Tax Reference) code which you will need to keep safe in order to file your return. For specific advice, contact the office on 02920 713 800.