HMRC Self Assessment Requirement Tax Calculator 2023/2024

Self assessment
Were you self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on) ?
Were you a partner in a business partnership ?
Did you receive any income from savings, investments and £10,000 dividends ?
Did you have a total taxable income of more than £100,000 ?
Did you receive any foreign income ?
Did you receive any tips and commission ?
Did you have to pay the High Income Child Benefit Charge ? (Did you earn an income over £50,000)
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How to tell HMRC that you don t need to do a self Assessment?

You can notify HMRC through several methods:

By completing an online form, which requires a Government Gateway account for access.
Using HMRC’s digital assistant available on their website for an interactive online experience.
By contacting them via phone or sending information through the post.

What is the minimum income to file tax return in UK?

Typically, if your untaxed income exceeds £1,000 in a single tax year, you are obligated to file a tax return. This rule applies to ensure proper tax compliance for income not automatically taxed at source.

How do I know if I need to register for self Assessment?

It’s essential to register for Self Assessment by October 5, 2024, if you’re required to submit a tax return and haven’t done so in the past. This deadline is crucial for first-time tax return filers.

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