A Guide to Personal Tax Returns

30 November 2018
personal tax returns

Most people won’t have to fill in a self-assessment form: the Pay As You Earn system does most of the work for you, if you’re working for somebody else. However, if you:

  • Are self-employed,
  • A company director,
  • Earn more than £100,000 a year,
  • Have savings or investment in excess of £10,000 before tax,
  • Are the highest earner in a family claiming child benefit, if you earn over £50,000,
  • Receive income from abroad,
  • Earned £2,500 or more in untaxed income,

Then you’ll need to fill in a Self-Assessment Tax Form. If this is your first time dealing with tax returns, it might sound like a nightmare. However, With the right tools and some know-how, you can make the whole process a bit easier to understand.

How to Register To Complete a Personal Tax Return

There are different ways to register depending on whether you are:

When you have registered, you can use the free HMRC Self Assessment online service on the GOV.UK website to submit your tax return. If you choose to send your application by post, you will need to download form SA100 from the GOV.UK website.

Once you have filled out your form, return it to the HMRC before the deadline of 31 October.

Things You’ll Need to Complete a Personal Tax Return

Before you start filling it in, make sure you have:

  • A P60 from your employer (if you have one) showing your income and the tax you have already paid
  • A P45 if you have left a job in the current tax year
  • A P11D or P9D which shows any benefits and expenses
  • A summary of any rental income and expenses
  • Savings and investment statements showing how much you have earned in interest and other income like dividends
  • Documents detailing your self employment income, including receipts, bank statements and accounts

Should I Complete a Personal Tax Return?

If it applies to you, it’s best not to get the taxman angry. Should you miss the deadline for submitting your self assessment tax return or paying your bill, you will be charged a penalty of £100. If it is more than three months late, you could be charged an extra £10 a day up to a maximum of £900. Filling out a tax return might be like pulling teeth, but it’s better than getting fined. If you need help with your personal tax returns, have a look at the services we offer.