Most people in the UK do not need to file a Self Assessment tax return. However, if you are a company director, or have untaxed income, you may need to file a return.
Accountants Chester – Why you might need to file a tax return:
- You are a company director.
- You have untaxed income, such as rental income or interest.
- You receive regular annual income from a trust or settlement.
- You have foreign income on which UK tax is due.
- You are non-resident and you have taxable income in the UK.
- You have income from savings and investments of £10,000 or more before tax.
- You have annual income of £100,000 or more before tax.
- You or your partner receive child benefit and your adjusted net income is over £50,000.
- You are liable to certain other tax charges, such as on ‘excess’ Gift Aid contributions or pension contributions.
- You are liable to tax on a state pension lump sum which you deferred from before 6 April 2016.
- You incorrectly claimed coronavirus support payments which you have not already repaid to HMRC.
- You have tax due at the end of the year that cannot be collected via your PAYE coding notice in a later year.
- Your untaxed income is £2,500 or more.
- Your claims for expenses are £2,500 or more.
- You have capital gains where:
- You have given away or sold assets worth £50,000 or more for 2023/24.
- You have a capital loss but your gains net of any losses are more than the annual exemption for 2023/24 of £6,000.
- You have no losses to claim but your gains are more than the annual exempt amount for 2023/24 of £6,000.You need to make any other capital gains tax claim or election for the year.
- Call accountants Chester today on +44(1244) 220-062 to enquire about our Individuals accountancy service.
Accountants Chester – Benefits
We have a team of experienced accountants who can help you understand your tax obligations and ensure that your return is filed correctly. We can also help you maximize your tax deductions and allowances.
Here are some of the benefits of using our service:
- We will help you understand your tax obligations.
- We will ensure that your return is filed correctly.
- We will help you maximise your tax deductions and allowances.
- We will be available to answer any questions you have.
- Accountants Chester can help you with your Self-Assessment tax return.
Accountants Chester – Pricing
Starting from £20 per month, our individuals’ accountancy services are priced on a monthly basis, and we offer a variety of plans to fit your needs.
Accountants Chester – Contact us
To learn more about our individuals’ accountancy service, please visit contact us today. We would be happy to answer any questions you have and help you find the perfect plan for your business. Alternatively, you can request a no-obligation quote.