Do You Need to Send a Tax Return?
If you earned money in the last tax year (6 April to 5 April), you might need to file a Self Assessment tax return. Here’s who definitely must send one:
You must file a tax return if:
- You were self-employed as a sole trader and earned over £1,000 (before claiming tax relief)
- You were a partner in a business partnership
- You paid Capital Gains Tax when you sold something that had increased in value
- You paid the High Income Child Benefit Charge and don’t pay it through PAYE
You’ll also likely need to file if you have untaxed income from:
- Rental income from a property
- Tips and commissions
- Savings, investments, or dividends
- Income from abroad
Not Sure If You Need to File?
Check if you need to send a tax return – it only takes a few minutes.
⚠️ Important deadline: If you’re filing for the first time, tell HMRC by 5 October of the tax year you’re reporting on. You can do this by registering for Self Assessment.
Other Reasons to File a Tax Return (Optional)
You can also choose to file a return if you want to:
- Claim Income Tax reliefs
- Prove you’re self-employed (for Tax-Free Childcare, Maternity Allowance, etc.)
- Pay voluntary National Insurance contributions
Paying Your Self Assessment Bill
Once you’ve submitted your Self Assessment tax return, HMRC will calculate what you owe based on the income and expenses you’ve reported. Understanding your bill and meeting the payment deadline is crucial to avoiding unnecessary penalties.
Your payment deadline is 31 January. This is a firm date, so it’s essential to plan ahead and ensure you have the funds available to settle your bill on time.
How much will you pay? Your tax bill depends on several factors:
- The Income Tax band you fall into based on your total income
- Whether you’re liable for Capital Gains Tax (for example, if you’ve sold shares or a second home)
- Any tax reliefs or allowances you’re entitled to claim
Not sure how much you’ll owe? You can estimate your bill before submitting your return, giving you time to budget and prepare.
Need Help to File Your Tax Returns?
Tax returns don’t have to be stressful. At SBX Accountants, we specialise in helping self-employed professionals, freelancers, and small business owners navigate Self Assessment with confidence and ease.
Whether you’re filing for the first time, juggling multiple income streams, or simply want to ensure you’re claiming every relief you’re entitled to, our expert team is here to support you. As PWC-trained Chartered Accountants based in London and Slough, we understand the unique challenges facing UK entrepreneurs and self-employed individuals. We handle the HMRC compliance and regulatory requirements so you can focus on what you do best, growing your business.
What We Offer:
- Expert guidance on whether you need to file a tax return
- End-to-end tax return preparation and submission
- Strategic tax planning to minimise your liability
- Advice on claiming reliefs, expenses, and allowances
- Year-round support and compliance management
We believe in building lasting relationships with our clients. We’re not just here to process your paperwork; we’re your financial co-pilots, committed to simplifying the complex and supporting your growth every step of the way.
Ready to take the stress out of tax returns?
Get in touch with our friendly team today. We’d love to discuss how we can help you stay compliant, save time, and keep more of what you earn.
Contact SBX Accountants:
SBX Accountants – Leading London Accountants for Small Businesses & Self-Employed
