What are the most common reasons to fill out a Tax Return?
The most common reasons to fill out a tax return are:
- If you are self-employed (including being in a partnership).
- If you are a company director or a minister of religion (bet you didn’t know that).
Although, if HMRC ask you to complete a tax return you must do so. This will normally be to make sure you are paying the right tax and getting the right allowances.
If you donâ€™t already complete a tax return form, youâ€™ll need to do so if you receive any of the following:
- Income from savings and investments of Â£10,000 or more.
- Income from untaxed savings and investments of Â£2,500 or more.
- Income from property (before deducting allowable expenses) of Â£10,000 or more.
- You receive income from overseas
- Income from the estate of a deceased person on which tax is still due.
- If you or your partner receive child benefit and your income is over Â£50,000.
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