DO YOU NEED TO COMPLETE A TAX RETURN - SELF ASSESSMENT

To register for self-assessment (UTR/CIS) click here: bit.ly/utr-number
If you need help with your Tax Return click here bit.ly/cis-rebate
Do you need to complete a self assessment tax return? In todays video I'll be covering:
- The 5 most common reasons to complete a self assessment tax return
- What you need to do if one of these apply to you
- Deadlines
- How to tell if your employed or self employed

[@8skywalker8]

I am confused. I have rental income from a room in my house from 2022-23 totalling less than around £6k. As far as I am aware I am under the threshold of £7,500. But do I need to disclose this income on my tax return - when I put this figure into my tax return it is calculating that I owe more than £1,000 tax, but this cannot be right as I understand no tax is due on less than £7,500. Help!??

[@PrashanthSadashivan]

Hi, Wouldn't disclosure of global (foreign) income and any tax payable pertaining to the same be another top reason for filing an SAT?

[@tax2ulimited]

Yes, absolutely if you have Taxable Foreing Income, that is another good reason to submit your Self Assessment Tax Return to HMRC. If you need help pleas email us [e-mail]

[@emiliawysocka9947]

Would you record a video regarding SDLT refund, please

[@tax2ulimited]

Good topic, I will add it on my list : Apply for a repayment of the higher rates of Stamp Duty Land Tax

[@SakibZ94]

There's a section on the form where it asks you about receiving notification for student loan (can't remember the exact question) but if you select yes, it then asks you to complete the box but I'm not too sure what they are asking to ask here, are you able to provide some input here please?

[@tax2ulimited]

If you need our help or have a specific question, just sends us an email to [e-mail] and we can provide a competitive price and help you with your specific situation.

[@markgleed5820]

Can you help? I started a side hustle reselling in June 2023 i will need to pay tax as iv have taken over £1000. Iv registered with the HMRC but im unclear when i need to submit a self assessment tax return. Am i correct in saying that i can submit it after April this year?

[@tax2ulimited]

Yes you will need to submit a 2023-24 Tax Return that ends on 5th April 2024. After this date you can submit it. Just sends us an email to [e-mail] and we can provide a competitive price and help you if you need more help.

[@zerotree1310]

If someone earned between 100-150k during the period of 6th April 2023 till 5th April 2024 via PAYE, are they required file a tax return?
My understanding is NO as the self assessment threshold for taxpayers taxed through PAYE changed from £100000 to £150000.
Or does this change take effect the following year?

[@tax2ulimited]

As far as I know it is still , if you had a total taxable income of more than £100,000 you need to submit SA

[@tonyrussell496]

This October cut off date is confusing me & the January cut off date too. I started self employment this month (December) what do I do now ? Cheers

[@ecwsounderrr7733]

You have till 5th October 2024 to register and you will need to pay ur tax for the 2023-2024 fiscal year by 31st January 2025. The fiscal year is from 6th April 2023 till 5th April 2024.

[@tonyrussell496]

@@ecwsounderrr7733 So do I have to apply for a UTR number now or anytime between now & October. Does it matter ? Thanks for the advice.

[@tax2ulimited]

It does matter yes, you need to apply for a UTR number now. You will need to submit a 2023-2024 after 5th April 2024 you can apply for UTR here www.tax2u.co.uk/utr/utr-number

[@emiliawysocka9947]

SDLT for a second, third house and also limited company? Pretty please

[@tax2ulimited]

Yes it can become pretty complicated ... just sends us an email to [e-mail] and we can provide a competitive price and help you.

[@user-ry1iy8wf8g]

I started a online business on may 2023 and my turnover until now below 1000. Do I need to file self assessment before 31 January?

[@tax2ulimited]

It depends on all other details obout ALL your sources of income. But if this was all your income no you do not need to. If you ou were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on) then you do need to submit.

[@user-ry1iy8wf8g]

Thanks for reply.
I started on May 2023. Its only 6 months. Which year January I need to file tax return. 2024 Jan or 2025 Jan. Could you please reply
Thanks