A tax return is a document that must be filed with HMRC every year to show a qualifying person’s, partnership’s, trust’s or company’s tax liability.
Putting together a tax return can be quite daunting for most people and businesses as there are penalties and fines if you get it wrong. That’s why we always advise people to use a qualified chartered certified accountant to help you with your tax return.
Individuals may need to submit a tax return if, in the last tax year:
- You were self-employed
- you got £2,500 or more in untaxed income
- your savings or investment income was £10,000 or more
- you made profits from selling things like shares or a second home
- you were a company director
- your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
- you had income from abroad that you needed to pay tax on
- you lived abroad and had a UK income
- you got dividends from shares and you’re a higher or additional rate taxpayer
- your income was over £100,000
- you were a trustee of a trust or registered pension scheme
Certain other people may need to send a return as well but you can check with us.
Most individuals don’t need to send in a return if their only income is from their wages/salaries or pension.
If you receive an email or letter from HMRC telling you to send in a tax return, you must do so - even if you don’t have any tax to pay.
Companies need to send in a tax return as do partnerships and trusts.
VAT returns and PAYE are also other forms of tax returns.
At HML Davies Limited, we have substantial experience and significant expertise in helping a wide range of individuals, companies, partnerships and trusts in filing the above mentioned array of tax returns.
We help clients reduce the worry about having to complete and submit a tax return.
Please click here to get up-to-date tax rates and allowances.
For further information about how we may be able to help you, your business, partnership or trust ensure timely and accurate compliance with HMRC relating to your tax return, please call 01204 393 040 or email us via our Contact Us form.