Day 30: Understanding Self-Assessment: Who Needs to File?

With 30 days until the deadline, it's crucial to understand whether you need to file a tax return. Many individuals unknowingly fall into the self-assessment category, risking penalties for non-compliance.

You must submit a return if:

• Your self-employed income exceeded £1,000
• You're a business partner
• Your total taxable income surpassed £150,000
• You need to pay Capital Gains Tax
• You receive Child Benefit and earn over £50,000

Even if your income is taxed through PAYE, additional income sources like property rental, investments, or foreign earnings may trigger filing requirements. HMRC's recent crackdown on undeclared income means staying compliant is more important than ever.

Don't assume your tax affairs are too simple to require a return. If in doubt, consult with a professional. Our team can quickly assess your situation and ensure you meet all obligations while maximizing available tax reliefs.