Tax Glossary

Personal Tax Return

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Last updated on:
March 17, 2024

A personal tax return, formally known as Self Assessment tax return, is a document you're required to submit to HMRC to report your income over the past tax year and calculate the tax you owe or the refund you're entitled to receive.

When is a Personal Tax Return Required?

You'll need to file a personal tax return under several conditions, including but not limited to:

  • High Earners: Those who have an annual income exceeding £100,000.
  • Self-Employment: Individuals who have earned more than £1,000 from self-employment during the tax year.
  • Property Income: Those generating over £2,500 annually from property rental.

There are additional scenarios where filing may be necessary, such as having foreign income, income from savings, investments over certain thresholds, or needing to claim certain tax reliefs.

Key Deadlines

The tax year in the UK spans from April 6th to April 5th of the following year. The deadline for online submissions is January 31st after the end of the tax year. For instance, for income earned between April 6th, 2022, and April 5th, 2023, your tax return must be submitted by January 31st, 2024.

How to File

Filing can be done in various ways, depending on your preference:

  • Paper Returns: Directly mailed to HMRC, with an earlier deadline of October 31st.
  • Online Submission: Through HMRC's website, utilizing your Government Gateway ID.
  • Through an Accountant: Many choose professional help to ensure accuracy and maximize potential savings.
  • Tax Return Services: Online platforms can simplify the process, often offering straightforward guidance and support.

Completing a personal tax return ensures compliance with tax laws, preventing potential penalties and often clarifying your financial situation with HMRC. It's a critical step for those meeting the criteria to maintain accuracy in their tax responsibilities.

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