Don't let self assessment stress you out. At NRV Tax Ltd, we have got you covered. Our expert team provides top quality accountancy and tax services that make the process stress-free.
Every year, millions of UK businesses and individuals submit self assessment tax returns. Many of these are penalised with penalities due to innocent lack of understanding of legislation or technical jargon. Our team of experts deal with numerous tax returns, so we work with you to get it right the first time, saving both time and money.
Who must send a tax return?
You must send a tax return if, if you meet the following criteria in the last tax year (running from 6th April- 5th April):
-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 earned £100,000 or more
In some cases you may also need to send a tax return if you have any of the following untaxed income:
-Some COVID-19 grant or support payments
-Money from renting out a property
-Tips and commission
-Income from savings, investments and dividends
-Foreign income
Depending on why you have to submit a self assessment tax return, the criteria and information needed may differ. For more information about self assessment and whether you need to submit a tax return, contact our team of accountants at our Loughton, Essex Office or London Office today.
