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18 March 2024

Do you need to register for self assessment?

With the tax year end slowly creeping up, now is the time to find out if you need to be registered for self assessment.

 

What is self assessment?

Self assessment is a system HMRC uses to determine how much Tax and National insurance you must pay.

 

Do you need to register for self assessment and complete a tax return?

You will need to complete a tax return if you meet the below criteria:

  • You were self-employed as a sole trader and earned more than £1,000
  • You were a partner in a business partnership
  • You had a total taxable income of more than £100,000
  • You had to pay the high income child benefit charge
  • Other reasons include – Covid-19 grants, money from renting out property, tips and commission, income from interest, investments and dividends, foreign income.

If you believe you meet any of the criteria above, get in touch with us and we will get you registered with HMRC and help complete your tax return!

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