UK Launches New Self-Assessment Return Tool to support taxpayers who have experienced a change in circumstances.
HM Revenue and Customs has launched a new tool to support taxpayers in determining whether they must file a self-assessment tax return.
The tool has been developed to support taxpayers who have experienced a change in circumstances. Taxpayers will need to register with HMRC by October 5, 2023, if they need to file a return for the 2022 to 2023 tax year.
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Taxpayers may need to complete a tax return if they:
- are newly self-employed and have earned more than GBP1,000;
- have multiple sources of income;
- have received any untaxed income, for example, earning money for creating online content;
- earn more than GBP100,000 a year;
- earn income from property that they own and rent out;
- are a new partner in a business partnership;
- are claiming Child Benefits and they or their partner have an income above GBP50,000;
- receive interest from banks and building societies (more than GBP10,000);
- receive dividends in excess of GBP10,000;
- need to pay Capital Gains Tax; or
- are self-employed and earn less than GBP1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.
The tool can also be used by those who consider they may no longer need to file a self-assessment tax return, for instance, if they have given up work or retired, are no longer self-employed, or earn below the minimum income thresholds.
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If a taxpayer considers they no longer will need to file self-assessment returns, they must inform HMRC before the deadline of January 31, 2024, to avoid penalties.
Source: www.gov.uk