WCK Accountancy can assist with all aspects of your self assessment tax return. No matter how simple or complex we can assist and deal directly with HMRC so you don’t have to.
You must send a tax return if you traded as a sole trader or were a partner in a partnership during the tax year. We can prepare your year end accounts from your records and then complete the self assessment tax return as part of the process.
Self assessment is not limited to individuals trading as self employed or as a partner in a partnership. You also might need to complete a Self Assessment tax return if:
- You are a company director with income that is not taxed under PAYE;
- You have rental income of more than £10,000 (before deducting allowable expenses) or a profit of £2,500 (after deducting allowable expenses);
- You have taxed income from savings and investments exceeding £10,000;
- You have untaxed income from savings and investments exceeding £2,500;
- 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 receive regular annual income from a trust, settlement or estate.
- You have foreign income on which UK tax is due;
- You are non-resident and you have taxable income in the UK. This includes non-resident landlords;
- You have made a capital gain from the sale of assets, such as shares or property that is not your main residence.
- You have other untaxed income of £2,500 or more.
HMRC may also want you to complete a Self Assessment tax return for other reasons.
