Do I need to submit a Self Assessment?

Written By Damion Viney

HMRC expects everyone who has been sent a ‘Notice to File’ to submit a Self Assessment.

In theory they will only send a Notice to File to people who need to submit one, however you may need to update their records.

People who need to submit a Self Assessment are:

  • Sole Traders

  • Members of a Partnership

  • Anyone with income above £100k

  • Anyone with income that has not been taxed at source (eg trading income, dividend income, rental income, Capital Gains)*

  • Anyone liable for Higher Income Child Benefit Charge

If you have received a Notice to File and do not fall into any of the categories above, a call to HMRC can get the Notice to File cancelled.

If you fall into the categories above and have not received a Notice to File, it is your duty to inform HMRC that you need to declare income via Self Assessment. Failing to notify HMRC can result in a fine.

*Income taxed at source is usually only PAYE and interest income.

Damion Viney

Damion Viney has been supporting business owners to make a success of their ventures since 2011 when he set up Co-. Blogs cover all aspects of business development. He is co-author of Improving the Numbers. 

linkedin.com/damion-viney

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