Do you need to complete a SA tax return?

Do you need to complete a SA 2023 Tax Return this year? 

HMRC have reminded people that a change in circumstances might require an individual to complete their first ever self assessment (SA) tax return for the 2022-2023 tax year.

Taxpayers may need to complete an SA return if they:

• are newly self-employed and have earned more than £1,000;

• have multiple sources of income;

• have received any untaxed income, eg for creating online content;

• earn more than £100,000 in a year;

• earn income from property that they own and rent out;

• are a new partner in a business partnership;

• are claiming child benefit and they or their partner have an income above £50,000;

• receive interest from banks and building societies (more than £10,000);

• receive dividends in excess of £10,000;

• need to pay CGT; or

• are self-employed and earn less than £1,000 but wish to pay Class 2 NIC voluntarily to protect their entitlement to State pension and certain benefits.

HMRC's online checking tool can be used by those who may no longer need to do SA, including if they:

• gave up work or retired;

• are no longer self-employed; or

• earn below the minimum income thresholds.

If taxpayers no longer think they need to complete a SA tax return for the 2022-2023 tax year they should tell HMRC before 31.01.2024 to avoid any penalties.

(HMRC Press Release 15.8.23)

Don’t forget the deadline for filing a SA tax return online is 31 January 2024 and please contact us if we can do this for you.

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