In this blog, we will help you out to know who needs to fill out a self-assessment tax returns which has to be submitted to HMRC.

If you are the one who is running a business in the UK then you must complete a tax return annually. Here is the detail about who needs to fill in a tax return.

Who Needs to Fill in a tax return?

  • A self-employed, a business partner, or director of a limited company
  • An employee or pensioner with an annual income of £100,000 or more
  • Individual who have pre-tax investment income of £10,000 or more
  • Individual whose income (or his/her partner’s) was over £50,000 and one of them can claim Child Benefit
  • People who have income coming from abroad that he/she needs to pay tax on
  • A person who is trustee of a trust or a registered pension scheme
  • A person who received a P800 form from HMRC saying he/she didn’t pay enough tax last year – and he/she didn’t pay what they owe through their tax code or with a voluntary payment
  • A person who has a ‘name’ at the Lloyd’s of London insurance market
  • A minister of religion
  • A trustee or representative of someone who has died.

When Will HMRC Provide You A Tax Return?

HMRC can send you a tax return. This will usually happen in the following cases:

  • When you got un taxed income – from investment, land or property, or from overseas
  • When you get capital gains above the annual released amount (£11,300 for 2017-18)
  • you filled in a tax return last year
  • A person who is a pensioner over 65 and receives reduced age-related allowance, though you may be sent a special short version that needs some details.

Please make sure to submit a self-assessment tax return yourself without waiting for HMRC to contact you as it’s your responsibility to proclaim taxable income every year.

What to do when you receive a Tax returns

Any person who get a self-assessment tax return from HMRC is legally bound to complete and submit it on time either through post or by filling an online tax return.

In case, if anyone misses the deadline and submit tax return after date will be responsible to pay a penalty, also, he/she has to pay interested and surcharges on all types of tax he/she owes. The deadline for paper tax returns is 31 October; the deadline for online tax returns is 31 January.

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