Who needs to submit a tax return

Self employed – If gross income is over £1,000

Partner – If gross income is over £1,000

Rental income – If net rental income is over £2,500

Income from dividends or savings & investments – If over £10,000

Foreign income

Trust income

Claiming tax relief on expenses – If expenses are over £2,500

Minister of Religion

If you or your partner claims Child Benefit and your income is over £50,000

If you have a CGT liability

Note re penalties for late submission of tax return

If HMRC require you to submit a tax return, they must formally request one in writing. Normally they do this in the April following the end of the tax year. If they do this, and you do not submit it by the following 31 January (for online returns), you will incur penalties. These can ramp up quickly. If you have not submitted it by 31 July, the penalties will be at least £1,300.

However, HMRC can’t charge penalties if they have never formally requested a tax return. Even after they finally do request a return, you always have 3 months to respond before penalties start to apply.

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Company details – Company registered in Northern Ireland. Company number NI050566
Registered office address – 17 Grays Hill, Bangor, Co Down, BT20 3BB.