You will be liable to send a tax return if any of the following apply, in the last tax year:
- If you are independent – you can deduct allowable expenses.
- If your untaxed income got £2,500 or more, such as from tips or renting out a property – and if it’s less than £2,500, contact the helpline.
- If savings or investments are £10,000 or more before tax from your income.
- If dividends from shares are £10,000 or more before tax from your income.
- If selling things like shares, second home or other chargeable assets from which you gained profits and need to pay Capital Gains Tax.
- If you were a company director-unless it was a charity and you didn’t get any pay or benefits, for example, a company car.
- If your or your partner’s income (or your partner’s) was over £50,000 and one of you claimed Child Benefit.
- If you had income from overseas that you needed to pay tax on.
- If you lived overseas and had a UK emolument.
- If your taxable income is over £100,000.
- If you were a trustee of a trust or registered pension programme.
- If you had a P800 from HMRC saying you didn’t pay sufficient tax last year – and you didn’t pay what you owe through your tax code or with an optional payment.
- If your State Pension is above your Personal Allowance and the only source of income – unless you started getting your pension on or after 6 April 2016.
Certain other people may need to send a return (for example ministers of religion or Lloyd’s underwriters) – you can examine whether you need to. You usually won’t need to send a return if your only income is from your wages or pension.
The VAT registration and de-registration thresholds will not alter for 2 years from 1 April 2018.
The taxable turnover threshold which decides whether a person must be registered for VAT will remain at £85,000.
The taxable turnover threshold which decides whether a person may apply for deregistration will remain at £83,000.
The registration and deregistration threshold for relevant acquisitions from other EU Member States will also linger at £85,000 while the UK is a member of the EU.
Testimonials
SK Accountants & Tax Consultants is one of the most professional and trusted Accounting Firms I ever dealt with in the UK. They are demonstrating a highly professional standards. Attending all inquiries on an immediate basis. Very Excellent customer service team and most importantly the unconditional care and support from the highly experienced accountants team. Thank you so much SK Accountants. I really recommend as the choice number one in United KingdomAbdul Rahman Abdul Majeed
It has been a very friendly, reliable and a swift experience for me with SKATAX. They have been very professional & efficient throughout the whole process. I would 100% recommend this firm to all businesses. Thank you KS, you and your team is great 🙂Azhar Khan
I have been with This company SK Accountant and Tax Consultant from last 5 years. They are very helpful in managing accounts and in consultancy. I definitely recommend everyone to use there services.Chaudhry Amir
I have used SK accountants and tax consultancy services to deal with one of my tax issues which was very intense and required lots of diligent planning. I was so pleased that the SK team was so proactive in dealing with my case, and their work was so detailed, which helped HMRC understand my tax situation. I would recommend SK to all those looking for proactive tax consultants.Danilov alexey
Positive: Professionalism, Quality, Responsiveness I have received consultancy advice from Mohsin Zafar, who has been very professional and helpful and answered many questions that I had. His responses were swift and concise. I recommend this company for consultancy services, they are very knowledgeableElena Zekonyte
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