Self Assessments

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Self Assessments

Completing a self assessment on time is really important so that you don’t end up racking up huge fines from HMRC. Sometimes you don’t have the time to complete this by yourself, which is where Tax Magic can help you. All we need is your accounts information and we will submit your return for an extremely competitive flat rate.

If you are unsure if you need to submit a self assessment, please feel free to give us a call so that we can discuss your current circumstances.

Call us on 01270 323 535 or contact us.

Detail of blank tax return form with computer in the background and lots of copy space.

Who needs to submit a Self Assessment?

You will need to submit a self assessment if any of the following apply to you:

your income from self-employment was more than £1,000 – this is your ‘trading allowance’
you got more than £2,500 from renting out property – contact the helplineif it was between £1,000 and £2,500
you got more than £2,500 in other untaxed income, for example from tips or commission
your income from savings or investments was £10,000 or more before tax – this includes money from bare trusts or interest in possession trusts
your income from dividends from shares was £10,000 or more before tax – tell HMRC if it was over your dividends allowance
you made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
you were a company director – unless it was for a non-profit organisation (such as a charity) and you did not get any pay or benefits, like a company car
your income (or your partner’s) was over £50,000 and one of you claimed Child Benefit
you had income from abroad that you needed to pay tax on
you lived abroad and had a UK income
your taxable income was over £100,000
you were a trustee of a trust or registered pension scheme
you had a P800 from HMRC saying you did not pay enough tax last year – and you did not pay what you owe through your tax code or with a voluntary payment
your State Pension was more than your Personal Allowance and was your only source of income – unless you started getting your pension on or after 6 April 2016