Filling in your personal tax return form can feel a little daunting, so what do you need to know about your personal tax return? Firstly all company directors of UK companies need to fill in a personal tax return, the deadline of which is 31st January 2018 if you do this online.
You will need to find out how much income you received from all your sources of income during the period 6th April 2016 to 5th April 2017. This includes income from your limited, partnership or sole trader company and income if you are on another company’s payroll as well as any other sources of income.
Who else needs to fill in a tax return?
You will need to fill in a personal tax return if any of the below apply to you:
- You are self employed e.g a sole trader
- You earned £2,500 in untaxed income such as property, tips etc.
- Your income from savings or investments was £10,000 or more before tax
- Your income from dividends or shares was £10,000 or more
- You made a profit from selling shares or other things like shares
- Your income or your partner’s was over £50,000 and one of you claimed child benefit
- You had income from abroad or you lived abroad and had UK income
- Your income was over £100,000
- You were a trustee of a trust or registered pension scheme
What if you don’t have time to complete the personal tax return?
If you don’t have time to complete a personal tax, we can complete it on your behalf. We ensure that you don’t forget anything and that the personal tax return is filed properly. Please contact us for a free consultation.
Watermill Accounting Limited,
Future Business Centre, Kings Hedges Road,
Cambridge, CB4 2HY