Over the last few years, changes to tax legislation has meant more individuals than ever have needed to file tax returns to ensure they have met their tax obligations.

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Typically, you will need to file a tax return where the following circumstances apply:

• You have earned more than £ 100,000 gross income
• You have received dividends of more than £ 2,000
• You have received interest from investments or savings of more than £ 500 (higher rate taxpayers) or £ 1000 (basic rate taxpayers)
• You have sold assets where the capital gain is more than £ 12,300
• You receive income from a rental property
• You receive foreign income
• You have received self employment income of more than £1,000
• You have received income from a partnership
• You have claimed child benefit but either yourself or a partner/spouse that you share a household with has earned more than £ 50,000 gross income

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This list is not exhaustive by any means, but it is your responsibility to ensure your tax affairs are up to date, and failing to register for self-assessment can result in significant penalties being levied.

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If you think you may need to file a tax return, and need assistance in doing so, please get in touch with hollystott@jerroms.co.uk as soon as possible, so that we can ensure that any filing deadlines are met.