As a team of efficient accountants in Milton Keynes, we can help you avoid unnecessary penalties and stress by ensuring that your tax return is always prepared and filed on time.
Do I need to file a Self-Assessment?
Being a firm of experienced accountants in Milton Keynes, this is a very common question that we are asked regularly at Khan & Co.
Income tax is collected automatically by HMRC from pensions and wages, but any additional income must be declared in your personal tax/self-assessment return. You must register for self-assessment if you fall into any of the categories below:
- You are self-employed or in a partnership
- You are a company director
- You and your partners’ income was over £50,000 and claimed Child Benefit
- You lived and worked abroad
- You received foreign income
- You received income from letting land or property
- You have untaxed income or savings
- Your savings or investment income is sizeable
- You made profits from selling assets and need to pay Capital Gains Tax