11 Jan Do I need to file a tax return?

The 31st January is approaching – Do I need to complete a self assessment tax return?

It can be time consuming, daunting and stressful. Yes, it’s almost that time of year again when tax returns must be prepared and submitted to HMRC.

It is estimated that HMRC has so far only received 6m of the 11m returns it expects to be filed. If you are unsure whether you need to complete a self assessment tax return, or if your circumstances have changed this year, our short checklist below can help.

‘Tis the season to file a tax return

Thousands of taxpayers were expected to spend the Christmas break submitting their self assessment tax return after figures revealed that 23,059 people submitted their self assessment returns between Christmas and Boxing Day in the build up to last years tax return deadline. On Christmas Day itself over 1,500 taxpayers logged on, completed and submitted their return.

Don’t leave yourself open to tax return penalties

The deadline for online tax return submissions is midnight 31 January 2015, and with the working year now back in full swing, preparing your records is likely to be the last way you want to spend your time.

However, with the impending threat of fines, which can range from £100 to 100% of your tax bill (effectively meaning you pay your tax twice over), it really is worth making sure you file your tax return correctly and on time.

Tax return quick checklist

If your answer is ‘yes’ to any of the following questions from April 2013 to March 2014 you must complete and submit a tax return:

Were you self employed or a partner in a business at any time in the year?

Were you a company director?

Did you receive income over £100,000?

Did you receive £10,000 or more from taxed savings and investments?

Did you receive more than £2,500 in untaxed income?

Did you receive income from letting out property?

Did you receive foreign income liable to UK tax?

Are you an employee claiming expenses or professional subscriptions of £2,500 or more?

Did you, or your partner, receive child benefit and have an individual “adjusted net income” of over £50,000 per annum?

If you receive a reduced age-related allowance, you’ll usually need to complete a return if your income is over a certain level (£26,100 for the 2013-14 tax year).

Have you received a letter from HMRC requiring you to complete a Self Assessment Tax Return 2013-14