Do you need to complete a Self Assessment Tax Return?
You might need to complete a tax return if in that year:
- You are a company director
- You are self-employed
- You have annual income of £100,000 or more
- You have income of more than £2,500 from savings or investments (including rental income)
- You or you partner receive Child Benefit, you have a higher income than your partner and your total annual income is £50,000 or more
- You receive income from overseas
- You have disposed of an asset, e.g. shares or a buy to let property and may need to pay capital gains tax or establish a capital loss
HMRC also have a handy tool which will let you know if you do need to complete a Self Assessment Tax Return – please click here.
If you do think you need to complete as Self Assessment Tax Return then why not ask ClearSky to complete it for you? You can then relax, safe in the knowledge that your return will be completed accurately and on time. Plus, as a Parasol Platinum employee, ClearSky will complete your Self Assessment Tax Return absolutely free. However, please note that we do reserve the right to agree an additional fee if you have complex circumstances/tax affairs and your Self Assessment Tax Return requires you to complete additional pages.
Don’t forget – with HMRC’s tough penalties, you must ensure that your Self Assessment Tax Return is filed on time or you will be subject to fines that quickly add up.
If you don’t submit your Self Assessment Tax Return online before the deadline of 31st January, not only will you receive an automatic £100 penalty, you will also be required to pay up to £900 if the return is more than 3 months late. The penalties could add up to as much as £1,600.
How does it work?
To make the process as easy as possible, ClearSky will send you a questionnaire to complete. All you need to do is simply answer the questions and ClearSky will complete your return in advance of the submission date.
In order for ClearSky complete your return, you will need to give Parasol permission to provide the relevant financial information to ClearSky for the purposes of this work.