Determining whether a personal tax return is required is the first stage to managing your personal tax affairs
If you meet any of the criteria you must submit a personal tax return to HMRC:
- You are a company director
- Your income from self-employment was over £1,000
- You received more than £2,500 from renting out a property. You must also contact HMRC if it was between £1000 – £2500
- You received more than £2,500 in other untaxed income, for example tips or commission
- Your income from savings or investments was £10,000 or more before tax
- Your income from dividends was £10,000 or more before tax. You must also to tell HMRC if it was over £2,000
- Capital gains of more than £11,700 on sale of assets during the year
- Your income (or your partner’s) was over £50,000 and you claimed child benefit
- You had income from abroad that you need to pay tax on
- You lived abroad and had UK income
- Your taxable income was over £100,000
If you are not sure whether you need to personal tax return it is always better to enquire to avoid penalties for not filing a return.