Yes its time to start thinking of your 2015 Tax Return !

Now you may not think you need to complete a self-assessment tax return, or indeed you may have been completing one for past number of years and are no longer required to do so!

Just take two minutes to glance over our list below to see what catagory you fall into.                                                                                                    

  • Do you have rental income?
  • Are you self-employed – either as a sole trader or in partnership?                              
  • Are you a company director, minister, Lloyd’s name or member?
  • Is your annual income in excess of £100,000?
  • Do you already pay tax through PAYE & additionally have income in excess of £10,000 from taxed savings & investments, or in excess of £2,500 from untaxed savings & investments?
  • Do you already pay tax through PAYE & additionally have income in excess of £10,000 from property (before deducting expenses), or, £2,500 after deducting allowable expenses?
  • Do you have no current income that is subject to tax under the PAYE system?
  • Are you employed & need to claim expenses?
  • Are you 65 or over & receive a reduced age-related allowance?
  • Do you get income form overseas?
  • Do you or your partner receive Child Benefit & do either of you have income over £50,000?
  • Are you 65 or over & receive a reduced age-related allowance?
  • Have you lived or worked abroad or are not domiciled in the UK?
  • Are you a Trustee?
  • Do you have income from trusts, settlements or estates?
  • Did you make a profit from selling shares, second home or other chargable assets?
  • Do you have any Capital Gains Tax to pay?

If you can say "yes" to any of  the above and haven’t yet registered now is the time to do so.

Remember paper returns are due by 31 October 2015 and online by 31 January 2016.

Now for the dull part:
The above questionnaire is based on HMRC’s current self-assessment filing requirements. As with all matters that relate to UK tax there are grey areas and the obligation to register with HMRC rests with you but naturally we can help.