Self-Assessment & Tax Return

 In the United Kingdom the tax year runs from 6th April to the following 5th April. So, each year after the 5th of April, all self-employed persons are obliged to complete their Self -Assessment Tax Return, and the window closes on the 31st of January the following year. If delayed, a penalty of £100 will be issued, and will increase in case of further delays.

You might be eligible for a tax refund if one of the following applies to you:

• You have worked in the construction industry under the CIS scheme
• You have not worked the full tax year
• You have been employed and a wrong tax code has been applied
• You have earned less than the tax-free threshold and etc

 A Self-Assessment needs to be submitted :

• If you are a self-employed person
• If you are a Director of a Ltd Company
• If you are receiving income from property letting, dividends and etc
• If you are receiving Child Benefit and your income/profit is more than £50k per year
• If you are receiving any foreign income