Do you need to file a Tax Return?

Dec 2, 2020 | Accountancy

Take a look at our how to guide for filing your Tax Return.

Do you need to file a Tax Return?

Are you a …
– Sole trader (earnings of > £ 1,000)
– Partner in a partnership
– Employees who are paid PAYE:

If you have any other untaxed income – tips, renting out a property, savings, dividends, foreign income

  • If you are making over £100k per year (as it might affect your personal allowance)
  • If you are claiming tax relief e.g. pension contribution
  • If you get Child Benefit (with income > £50,000)
  • If you become a company director
  • If you have Capital Gain Tax to pay

How to register?

  • If you are self-employed you can register online using CWF1 form. You will receive a UTR number which is required to file the return. An activation code for your account will be also sent to you.
  • If you are not self-employed you can register using SA1 form and create a Government Gateway account.
  • You can submit the tax return via the account using the provided UTR number.
  • If you are a partner in a partnership you need the partnership UTR to register for the tax return.

There are different ways to register for tax return based on your business;
LLP, company or trust. In most situations use the SA401 form.

Important dates

Deadlines for submitting a tax return (for the tax year 2019/2020):
Paper tax return – 31 October 2020
Online tax return – 31 January 2021*
Tax payment owed – 31 January 2021

*If submitted by 30 Dec 2020 HMRC will collect the tax automatically (owe< £3,000, owed tax would be paid through PAYE)
Online return.

For a partnership:

Online return – 12 months from the accounting date
Paper return – 9 months from the accounting date

HMRC penalties

  • Missing the deadline for submitting the tax return
  • Not paying the bill on time

Fine of £100 if the tax return is up to 3 months late (more if it is later)