Do you need to complete a self-assessment?
Also known as the S100, self-assessments are not just for sole traders and partnerships.
These are also required to be completed for a number of reasons including if you;
- Are employed with income over £100,000 or £50,000 if you or your partner claims child benefits.
- Have foreign income which is liable for tax in the UK.
- Are a minister of religion.
- Receive income from property, income, dividends, or savings above a certain point.
- Are a director of Limited Companies
- Have a side hustle in which earnings are above £1,000.
If you believe you need to complete an SA100, contact HMRC and register for self-assessment.
Remember the deadline for returns for the past tax year up to 5th April 2021 is January 31st, 2022. Both submission and tax payment are required.
There are many types of tax returns and supplementary pages, dependant on your circumstances. Ensure you inform HMRC that you should complete a self-assessment tax return and that the right returns are made to avoid penalties.
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