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If you receive any untaxed income or monies from the sale of any investment, you must file a self-assessment tax return. Failure to file will result in tax, penalties, and interest – that could be substantial.

You must file a tax return if:

  1. You have been in business and earnt more than £1,000 in a tax year.
  2. You or your spouse have earnt more than £50,000 and received child benefit.
  3. You earned more than £100,000 in the tax year.
  4. You receive rental income.
  5. You received interest on savings or dividends from shareholdings.
  6. You received any other income in the UK or anywhere worldwide.

NOTE: Monies received from sale of investments or property will require a capital gains tax return.

When Must You File the Tax Return

If you have to file a tax return, it should be filed by 31st January following the end of the tax year. 

Please remember that HMRC have 12 months from the date of filing to ask you any questions on your tax return, after that they cannot enquire any further. 

However incorrect or careless returns can be enquired into at any time up to 4 years after the end of the relevant tax year. This time limit can be extended up to 12 years under certain circumstances or up to 20 years if you have been fraudulent.

Sale of Residential Properties

If you sell a property that has been your main home, then it is exempt from capital gains tax unless the property has at any time not been your main home or you have used all or part of it for any business purposes.

If the residential property does not qualify for the above exemption, then you must register to file a Capital Gains Tax return and file the return within 60 days following completion of sale. Any Capital Gains Tax payable must also be paid at the same time. Failure to do so will result in penalties and interest.

Need assistance filling your self-assessment Tax Return?

Get in touch with us via our contact form here, via the chat, or directly via landline (01252 375 466), mobile (07359 083 549), or email info@jays.co.uk