If you receive Tax Credits, a renewal pack should be sent to you between April and June. In order to complete your renewal you will need to know yours and your partner’s total income for the last tax year.
You may need to complete a Self Assessment Tax Return to be able to calculate this income. You need to complete a self assessment tax return if …
– You’re self-employed
– You’re a company director, minister, Lloyd’s name or member
– Your annual income is £100,000 or more
– You have income from savings, investment or property
– You’re employed and want to claim expenses or professional subscriptions of £2,500 or more
– You or your partner receive Child Benefit and your income is over £50,000
– You get income from overseas
– You have income from trusts, settlements and estates
– You have Capital Gains Tax to pay
– You’ve lived or worked abroad or aren’t domiciled in the UK
– You’re a trustee
| If you do require a Self Assessment tax return completing please do not panic, we are here to help! We just need your paperwork and books before 11th June. Call us now to discuss your needs. | |
| image courtesy of freeimages.co.uk |
More information on tax credits is available at https://www.gov.uk/renewing-your-tax-credits-claim
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With HMRC becoming more spontaneous with tax investigations we strongly suggest that every business is insured against the cost of investigation. So strongly in fact, that we automatically build it in to our fixed fee agreements. Many of our clients have been very grateful for this insurance when HMRC have come knocking.
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