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Do you need to submit a Self-Assessment return for 2021-22?

April 8th, 2022

by Beach Accountants

There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and/or have income from savings, investment or property.

Taxpayers that need to complete a Self-Assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a Self-Assessment return needs to be filed. If you are required to submit a Self-Assessment return for 2021-22, you should ensure that you file your tax return electronically and pay any tax due by 31 January 2023.

HMRC has an online tool www.gov.uk/check-if-you-need-tax-return/ that can help you check if you are required to submit a Self-Assessment return.

The list of taxpayers that are usually required to submit a self-assessment return includes:

  • The self-employed (earning more than £1,000)

  • Taxpayers who had £2,500 or more in untaxed income

  • Those with savings or investment income of £10,000 or more before tax

  • Taxpayers who made profits from selling things like shares, a second home or other chargeable assets need to pay Capital Gains Tax

  • Company directors - unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car

  • Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit

  • Taxpayers who had income from abroad that they needed to pay tax on

  • Taxpayers who lived abroad and had a UK income

  • Taxpayers with income over £100,000.

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