SOPHIE CHARTERED MANAGEMENT ACCOUNTANT
Who Needs to Complete a Self Assessment Tax Return?
- Individuals with income not taxed at source
- Self-employed individuals or business partners
- Rental income recipients
- Earners of untaxed income (e.g., tips or commissions)
- Individuals income from savings or investments
- Those with capital gains or losses
- You claim tax relief or have business expenses
- Trustees or executors of an estate
- Individuals with an income exceeding £150,000
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Make Tax Digital
Important changes are forthcoming for self-employed individuals and landlords. Those with total relevant income exceeding £50,000 will be affected from April 6, 2026; those with income over £30,000 will be impacted starting April 6, 2027; and individuals with income exceeding £20,000 will be affected beginning April 6, 2028. It is advisable to prepare for these changes now, and we are ready to assist you in completing your end-of-year declaration, ensuring that all income and allowable expenses are accurately accounted for. As the implementation of Making Tax for income tax introduces additional administrative requirements, we encourage you to discuss your needs with us for tailored support. If you need any further assistance or specific content, feel free to ask!
