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Reasons for filling in a tax return

Published on 26 July 2013, by in Blog.

Tax Return

The list below sets out the main reasons why your client would need to fill in a tax return:

 

Self employment

They were self-employed for any part of the tax year.

 

Partner in a business partnership

They were a partner in a business partnership for any part of the tax year.

 

Company Director

They were a company director (unless this was a non-profit organisation and they didn’t receive payments or benefits).

 

Savings and investment income

They received £10,000 or more in the tax year.

 

Untaxed income

They received £2,500 or more in the tax year.

 

Income from Property

They received income from property during the tax year of £10,000 or more (before deducting allowable expenses) or £2,500 or more (after deducting allowable expenses).

 

Foreign income that is liable to UK tax:

They received any foreign income that’s liable to UK tax.

 

Employment and wish to claim expenses or professional subscriptions               

They were employed or a director. They have expenses or professional subscriptions of £2,500 or more to claim

 

Total Income

They received income from all sources in the tax year of £100,000 or more.

 

Bankruptcy / Sequestration / Individual Voluntary Arrangement

They may need to fill in a tax return for the year in which they were declared bankrupt, sequestrated or entered into a voluntary arrangement.

 

High Income Child Benefit Charge

If your client’s income is more than £50,000 and your client or their partner received Child Benefit, they may need to fill in a tax return.

 

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