It might not always be obvious you need to do a tax return, especially if you have always paid tax through PAYE, or have not been a higher-rate taxpayer.

You must submit a tax return if, in the last tax year (6 April to 5 April), any of the following applied to you:-
• you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
• you were a partner in a business partnership
• you had a total taxable income of more than £150,000
• you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
• you had to pay the High Income Child Benefit Charge

You may also need to send a tax return if you have any untaxed income, such as:-
• money from renting out a property
• tips and commission
• income from savings, investments and dividends
• foreign income

Some of our clients complete their own tax returns using the self-assessment system on the Government Gateway. Some use an accountant who can complete and submit the return for you. If you have had an unusual year due to a disposal or a change of tax rules and you are unsure, you can always ask an accountant for clarification. It’s not worth getting into hot water and asking for advice can help you feel more confident you have submitted the correct information.  FMB collaborate with many local accountants who we can recommend to you.

Tax advice is not regulated by the Financial Conduct Authority