Are you employed, or retired and required to complete a self-assessment tax return?
Usually, only employees (or people receiving a pension) with more complex tax affairs are required to complete a tax return, unless they are company directors or have other sources of income or capital gains that require self-assessment.
Whilst most employees will have their tax affairs correctly dealt with under PAYE, those with the following may need to complete a return.
- Receiving Benefits in Kind such as use of a company car, medical insurance, interest free or low interest loans.
- Claiming travelling and subsistence on company business
- Receiving share options
- Making payment to an individual pension scheme or additional payments to a company pension scheme.
We can ensure that your tax affairs are up to date and that you are claiming all relevant allowances and reliefs due to you.With the higher tax rate of 45% (for those on income over £150,000) the restriction on personal allowances on those earning more than £100,000 and payments to a pension scheme being capped; it is essential to ensure that your return is correctly completed and that you have planned each tax year correctly. Your tax affairs should be reviewed prior to each tax year end to maximise any allowances or reliefs due.
If you have just arrived in the UK to take up employment the rules in respect of the taxation of your UK Salary and Benefits can be complex but advantageous to you. Again professional advice should be sought to ensure that your UK tax affairs are up to date. You may also need to be aware of the taxation rules for Non domicile individuals who are tax resident in the UK.
Please contact us with your enquiries.