Self Assessment Tax Returns for Perthshire and Tayside
Are you a likely candidate for Self Assessment tax returns but not sure where to start? Let the plain-talking professionals at JG Middleton Accountants make things clear.
Our team of tax experts and financial advisers are well-versed in all accounting matters. We offer an extensive range of services and always ensure that advice is tailor-made for each client's unique needs and understanding.
Are You a Candidate for Self Assessment?
If your income is not taxed automatically through the PAYE (Pay As You Earn) system, then you need to declare your taxable income. The burden of responsibility for declaring was moved on to you - the taxpayer - in 1997.
You should get the relevant forms if you are a likely candidate. If you answer "yes" to any of the following questions, you should seek out the correct documentation:
- Are you self-employed or in partnership?
- Are you a company director?
- Are you a Name or Member of Lloyd's insurance market?
- Are you a Minister of Religion?
- Do you receive income from letting a property or land? (NB may not apply if your income is less than £2500 a year and you are an employee)
- Do you receive any other untaxed income which cannot be collected via PAYE?
- Are you an employee or pensioner who has an annual income from savings and investments of more than £10,000?
- Do you have annual claims against tax for expenses or professional subscriptions of £2500 or more?
- Are you aged 65 or over and entitled to age-related allowances for individuals or married couples?
- Have you sold or given away assets worth more than four times the annual exempt amount for capital gains tax (this is £44,400 for tax year ending 5 April 16, but was £43,600 for last tax year)
- Did you deduct losses but your gains before losses were more than the annual exempt amount of £11,100?
- Do you want to make an allowable capital loss or any capital gains claim or election for the year?
You can find more information on the government's dedicated pages for Self Assessment and Capital Gains Tax. However, if you would like professional advice or assistance, please get in touch with JG Middleton.
Contact us for Self Assessment services from qualified accountants and tax experts.