Personal Income Tax

Personal Income Tax Return Forms are completed on an annual basis and detail the income received by you for the period from 6th April to the next 5th April.

When do I require to complete an Income Tax Return Form?

You may also require to complete a Tax Return Form if:

  1. You wish to claim tax reliefs i.e., pension contributions, charitable donations.
  2. If you are in receipt of Child Benefit and either your own or partners (if applicable) annual income exceeds £50,000. The High Income Child Benefit Charge will require to be paid to HMRC.

Income Tax Return Forms should be submitted to HMRC by 31st October (in paper form) following the end of the tax year or by 31st January (online).

You may require to make payments to account in respect of your tax liability if the liability for the previous year was more than £1,000.

HMRC have also recently introduced legislation with regard to the disposal of a property which is not your principal private residence. If a gain has been made and is in excess of the annual Capital Gains Tax Allowance, you are required to report this to HMRC within 30 days of the date of completion of the settlement and make payment of any tax due. The payment will be regarded as a payment to account and taken into account at the end of the relevant tax year.

Contact us today or fill in our form and we will call you back.

Related Posts

Starting a family using fertility treatment? Your second step should be to consider a Power of Attorney or Living Will

Starting a family using fertility treatment? Your second step should be to consider a Power of Attorney or Living Will

In our last blog (available here) we discussed why it is important to make a Will if you are starting a family.  In the second part of this blog series ...

The ‘Free Britney’ movement: Do Conservatorships exist in Scotland and what are my options?

The ‘Free Britney’ movement: Do Conservatorships exist in Scotland and what are my options?

You may have noticed #FreeBritney trending on social media recently causing you to ask Google ‘Do Conservatorships exist in Scotland?’ Charlotte and Sian discuss the legal concept of a conservatorship, ...

What is a Trust and Why Should I Care?

What is a Trust and Why Should I Care?

So what is a trust and why should you care? Generally speaking, trusts are regarded with much suspicion amongst the general public, however, they can be extremely useful for you ...

Starting a family using fertility treatment?  Your first step should be to put a Will in place

Starting a family using fertility treatment? Your first step should be to put a Will in place

Making the decision to start a family is an important and exciting life event. For some people, fertility treatment will become a necessary part of the process, and if that ...