Being self-employed in the UK means you have a legal requirement to submit a UK tax return to HM Revenue and Customs (HMRC) for every tax year that you are self employed.
However, the requirement to complete a UK tax return is not only limited to individuals who are self-employed. A brief summary of other reasons why you may be required by law to complete a UK self assessment tax return are:
- You are in receipt of any form of rental income
- You receive any foreign income that may taxable in the UK
- You have incurred and are eligible to claim “allowable” employment expenses of more than £2,500
- You are a Company Director
- You earn more than £50,000 and you or your partner claims Child Benefit
- Your total annual income from all sources is more than £100,000
- You are in receipt of substantial investment income (more than £10,000 annually)
It Is Important your tax return is submitted on time, as if these filing deadlines are missed you will be subject to strict HMRC late filing penalties.
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