'Those who earn over a certain amount of money each year are required to pay tax. Tax is usually deducted from an individual's wage or pension automatically; however, those in receipt of other forms of income, including property and self-employment, will need to report their earnings to HM Revenue and Customs (HMRC) through a Self-Assessment tax return.'
'You will need to submit a Self-Assessment tax return if, during the last tax year between April 6, 2023, and April 5, 2024, you were a partner in a business partnership; had an overall taxable income of more than £150,000; were classed as a self-employed sole trader and earned more than £1,000 before taking off anything you can claim tax relief on; were required to pay the High Income Child Benefit Charge; had to pay Capital Gains Tax, or have untaxed earnings.'
'If you're unsure whether any of the above apply to you, you can use this handy tool on the Gov.uk website to check whether you need to send a tax return. It's better to check, rather than miss the deadline and be hit with an unexpected penalty further down the line.'
'You can file your tax return online, or call HM Revenue and Customs and ask for a paper version of the form, known as a SA100. Be sure to familiarise yourself with any possible charges and deadlines to avoid penalties.'
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