Self-Assessment Tax Returns in Cornwall

A Self-Assessment Tax Return is a form used by individuals to report their income and calculate the amount of tax they owe to HM Revenue and Customs (HMRC). It is required for those who do not have tax automatically deducted from their income through PAYE (Pay As You Earn). This includes self-employed people, company directors, landlords, and those with significant investment income. The return summarises income from various sources, applies relevant tax rates, and accounts for any allowances or deductions.

You must send a tax return if, in the last tax year (6th April to 5th April), any of the following applies to you:

• you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
• you were a partner in a business partnership
• you had a total taxable income of more than £150,000
• you had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
• you had to pay the High Income Child Benefit Charge
• income from renting out a property
• income from savings, investments and dividends
• foreign income

You can check if you are required to complete a self-assessment return here:

https://www.gov.uk/check-if-you-need-tax-return

There are strict rules on when the return needs to completed by and when any payments of tax are due. We will ensure that your returns are completed on time to avoid penalties and that you have clear instructions on when and how to make any payments due (or reclaim any overpayments).