As the name suggests, you are responsible for accurately completing the return and for informing HMRC, if you need to complete one.
You will need to complete a tax return if:
- You have untaxed income in the tax year or receive taxable foreign income
- You are self-employed
- You are the director of a Limited Company, at any point in the tax year
- You are the trustee or executor of an estate
- You have income of over £10,000 from savings or investments
- You have overall income over £100,000
- If HMRC request one, for any other reason
This is not an exhaustive list – if you are unsure, check with HMRC or speak to your accountant.
The return can be completed electronically – we always recommend this, as you have longer to complete the return and all taxes owed are calculated automatically as part of the submission process. If submitting electronically, the due date is 31st January the following year – if you are using a paper return, it is 31st October. Late returns incur an initial penalty of £100 and returns late by over three months incur additional costs.