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Tax Insider Tip: Do You Need A Tax Return?

15th Dec 2014
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You can save yourself a considerable amount of time, effort and expense by finding out whether you still need to complete a Return after changes in your circumstances.

HMRC are keen to reduce their workload in processing self-assessment Returns where they are no longer required and you should review this after any change of circumstances.

Visit the HMRC website at www.hmrc.gov.uk/sa/need-tax-return.htm#1 to see if you need to complete a Tax Return.

Example:
Ryan was self-employed for a few years, but has been an employee on PAYE earning under £30,000 per annum for the past two years.

He has no other sources of income or gains.

As he is sent a notice to file a Tax Return each year, his accountant duly files this and charges a fee for determining that no tax is due.

By checking with HMRC whether he still needs to file and receiving a response that he is being removed from the obligation to file, he saves himself the time and expense of having to complete the form each year.

 

This is a sample tip taken from our 136 page guide:
101 Ultimate Tax Strategies Revealed.

Click here to receive a free copy of this tax saving guide today!

 
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