Self Assessment Tax Return

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Who must send a tax return You must send a tax return if, in the last tax year (6 April to 5 April), you were: Self-Employed as a ‘Sole Trader’ and earned more than £1,000 A partner in a business partnership You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as: money from renting out a property tips and commission income from savings, investments and dividends foreign income Claim income tax relief such as pension contributions, charity donations If your claiming child benefit and you or your partner is earning over £50,000 you may need to fill in a tax return