Do I have to complete a tax return?

Anyone who receives any other income including from self-employment, capital gains or dividends then you will need to report this to HMRC through a self-assessment tax return.

You should submit the complete documents showing details of income from the 2022/2023 year and then you will be given information of how much tax is due.

Usually tax is taken directly from our wages however if you have set up another source of income then HMRC will be unaware and so they need you to fill out a tax return.

Important Deadlines

5 October – You must notify HMRC that you have income that has not been taxed before you received it, capital gains in excess of the exempt amount that year. From this date HMRC will be able to send you a notice to file a tax return.

31 October – Filing a paper copy of the tax return

31 January – Filing an online copy of your tax return

There are penalties if you miss these deadlines which you can find out about here.

How do I complete a tax return?

Make sure you keep records of all your income and revenue including receipts and bank statements so you can file these when it’s time.

You can complete the form yourself if you are confident in how to do it correctly. However, many people hire an accountant to do it for them and this could be a tax deductible expense making it even more worthwhile. If your finances are complex or this is your first time having to do a tax return and you want to be sure then hiring an accountant may be the best solution for you.

To fill in the tax return, you will need;

  • Your P60 or P45
  • You P11D if you had one
  • Record of all sources of income
  • Details of any investments
  • Records of any work related expenses

 

All information about completing your tax return can be found at the GOV.UK website.