If you have still not filed your self assessment tax returns then it is time to buckle up, get organized and prepare for filing the tax returns as the deadline approaches. There are various residents in the UK who might be filing the tax returns for the first time. Even if you are someone who has done tax returns before, there might be change in circumstances which might make the filing of tax returns more complex. However here is everything that you need to know regarding completing the self assessment tax return 2020-2021.
Who qualifies for the self assessment tax return?
You are required to send the tax returns if you were under the self-employed sole trader category, in the previous tax year. The sole traders are required to provide the self-employed tax return only if they have earned in the range of £1,000 or above. The individuals that come under the untaxed capital gains or income might also need to file for the self-assessment tax return. Some of the instances include dividends, foreign income, and savings or investment.
The other individuals who are needed to provide the tax return are landlords and high income people who receive the child benefit. If you are a landlord and earn the property income, then you might be needed to file the tax return. Your additional income that comes from self-employment or employment sources is also included in the tax return since tax is calculated for the total income that comes from all the sources.
There are various categories of landlord tax worth considering that includes capital gains, income tax, and stamp duty land tax. The NIC's and income tax are liable to be paid through self-assessment process, while capital gains and stamp duty are paid either when you sell or purchase a property. There are separate rules that are applicable when you run the Airbnb or rent a specific room in the house.
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For more info, visit https://www.gov.uk/log-in-file-self-assessment-tax-return