Do I need to complete a Tax Return?

If HMRC advise you that you need to complete a tax return you are obliged to do so. However, there are certain circumstances where the tax payer may need to notify HMRC that they should be completing a return.

The following people will need to advise HMRC that they need to submit a tax return, even if they are not asked to by HMRC;

  • Company directors, ministers of religion and members of Lloyds
  • If you are currently, or become, self employed (this includes becoming a partner in a partnership)

You will also be required to send in a return if your income from any of the following sources exceeds:

  • £10,000 from savings and investments
  • £2,500 from untaxed savings and investments
  • Annual trust or settlement income on which tax is still due
  • Income from the estate of a deceased person on which tax is still due

Alongside this you may be required to complete a return if;

  • You have any foreign income
  • Your earnings exceed £100,000
  • You have capital gains tax to pay
  • You are over the age of 65 and receive a reduced age related allowance
  • You are a trustee of a trust

Hopefully you will appreciate that this is quite a lengthly list and we would advise that it is the tax payer's responsibility to notify HMRC that a return is required. Failure to do this may lead to interest and penalties being charged when HMRC eventually become aware of the position.

Our tax department can advise you whether you should be completing a return and, if required, assist you in the completion of this. Please contact the office if you would like to discuss this matter further.

 

 

Testimonials

  1. May I take this opportunity to thank Irene, Cath, Lianne and all the staff at Simply Contracting, for the outstanding service you have provided.
    It seems a long time back since I started with you, and I would not hesitate in recommending your company.


    Brian Flint, Tyne & Wear

  2. I have been with simply contracting for a number of years and found the service to be excellent. Any queries or concerns are dealt with promptly and efficiently and the staff are always very helpful. Any information issued is easy to understand. I have and will continue to recommend them to colleagues.

    David McKeown

  3. I am completely happy with the service Simply Contracting are providing to me.  Everything has happened as it should.  When I have had queries (which are more about me building up my knowledge of the finance side) they have been answered quickly and accurately, even when the person the e-mail was addressed to was away.  I think the service offers good value for money so I am pleased that I went with my colleague's recommendation to use yourselves.


    Andy Brundrett, Cheshire

  4. I have been with Simply Contracting for several years and I have always received fantastic service.  Even bearing that in mind, the service levels I have received lately, through some very trying times, has been absolutely outstanding.  Nothing is ever too much trouble, and although the girls probably physically recoil when they see my name on any of their “to do” sheets – I always get a first class job delivered in the most personable of manners.  No question ever goes unanswered – unless I am asked it!  Folk usually only give feedback when things go wrong, but I think it is worthwhile to recognise excellence also – the service I receive is excellent.  Thanks, and long may it continue.

    Tom Elvin, Glasgow

  5. I have been involved in self employed contract working for more than 20 years for many different companies in various parts of the world. In this time I have been self employed, limited company, SC 60, and 714 certificated. With all of these ‘systems’ I have had many issues with the problems of invoices, payment, and the very time consuming process of accounting for my wages, tax payments, VAT , expenses etc. Over the years it has caused me a great deal of concern, time and worry that I did not need, especially when I was working away from home.
    If I have any questions or any other reasons to contact the office, I have always found the staff very helpful and polite and they have always explained and given answers that even I can understand. It suits me to sit back and have my accountancy service take care of the part of self employment that I do not enjoy.

    Bob Gorman

  6. Quite happy with things thank you - best service from any provider I've had over the years.


    David Powell, Glamorgan