We understand that UK taxation can be daunting; it is home to one of the most complex taxation systems in the world.
To this end, we've included some information below to outline the general requirements for an individual to complete a UK tax return and the process for submission of a tax return to HMRC.
UK Tax Returns
Self-assessment tax returns and their accompanying tax charge for the 2022/23 tax year (6 April 2022 to 5 April 2023) are due for submission on 31 January 2024.
Do I need to submit a UK tax return?
Generally, you must complete a UK tax return if in the last tax year (6 April to 5 April), you were:
- self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on). This includes persons operating online businesses (i.e. dropshipping)
- a partner in a business partnership
You will not usually need to complete a tax return if your only income is from your wages or pension.
However, you may need to complete a tax return if you have any other untaxed income, such as:
- some COVID-19 grant or support payments
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- if you have traded, transferred or received income from crypto assets
- non-UK income
You can use HMRC's tool to check if you are required to submit a self-assessment tax return. The tool should give you an idea of whether one is required in most cases.
If you have a requirement to submit a UK tax return or if you're still not sure then please contact us for more information.