Hi, Clean and Press. I'm here to share details about who needs to do a Self Assessment.
There are various categories of individuals who need to do a Self Assessment tax return in the UK (rates accurate as of the tax year 2024/25), and I've listed them below:
- Self-Employment Income Over £1,000: If you earn income through self-employment, and the annual sum exceeds £1,000, you must typically file a Self Assessment tax return.
- Running a Small Business: Entrepreneurs and business owners must complete a Self-assessment if they run a small business, including being a registered sole trader.
- Corporate Partner Earnings: If you've earned more than £1,000 in a given tax year as a corporate partner.
- High Earners: If you are employed but earn an annual income surpassing £150,000 (Increased from 2023/2024).
- Rental Income Over £2,500: If your rental income exceeds £2,500.
- Untaxed Income Over £2,500: Any income that remains untaxed, and exceeds £2,500.
- Capital Gains Tax Obligations: If you have capital gains tax to pay.
- Claiming Child Benefit with a High Income: If you're a high earner and claim Child Benefit, you may need to complete a Self Assessment.
- Trusteeship or Pension Scheme Responsibility: Being a trustee of a trust or a registered pension scheme.
- State Pension as Sole Income Above Personal Allowance: If you solely rely on State Pension income, and it exceeds the personal allowance.
- Received a P800 from HMRC: If you receive a P800 notification from HMRC indicating that you didn't pay enough tax the previous year.
- Director of a Limited Company: If you are a director of a limited company, whether or not you need to complete a Self Assessment depends on how you receive your income and whether you're already taxed through PAYE.
Moreover, HMRC proactively informs individuals about their Self Assessment obligations by sending out Tax Returns or notices to file online, typically in April or May each year, to those within the system.
Since you're unsure about your tax obligations, I recommend consulting with a tax professional or accountant who can provide clarity. They can assess your financial situation and advise whether you need to file a self-assessment.
Additionally, I've added these resources to help you learn more about Self Assessment:
Finally, visit our One Intuit Help Hub to access our troubleshooting guides, online resources, and FAQs specific to your QuickBooks products and needs. You can view this brief video to help you navigate the page seamlessly: https://intuit.me/OHHvideo.
Keep in touch if you need more help in tracking your transactions in QuickBooks Sole Trader or navigating the program. I'll be sure to get back to you as soon as I can.
