Most employees paying tax under the PAYE system are not required to file a tax return, because the PAYE system operates to withhold the correct amount of tax from their wages or salaries. But a tax return is required for the self-employed including someone in a partnership, a controlling company director (but not a director of a non-profit organisation or anyone not receiving any payments or benefits), anyone who has income from savings and investments over a certain minimum or has income from untaxed savings and investments over a set limit.

 You may also have income from property or employment income on PAYE over a higher limit. If you have lived or worked abroad or aren’t domiciled in the UK or you have Capital Gains Tax to pay, then you will have to complete a tax return. Other circumstances include where an individual owes tax but it cannot be collected through their tax code or when the taxable basic state pension is greater than the personal allowance.

The tax year runs to 5 April and these tax returns must be completed by the 31st January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return.

Completing a tax return can be time consuming, frustrating and might contain errors or omissions that mean you pay too little or too much tax. Either way, it’s good advice to let The Profit Key take the hassle out of your tax return, so call us today to see if we can help you.

The Profit Key are based in Ashby de la Zouch and primarily service clients across the East Midlands and West Midlands but we are always happy to work with any clients across the rest of the UK. Our client base locally covers Derby, Nottingham, Loughborough, Leicester, Burton upon Trent, Coventry, Chesterfield, Stoke on Trent, Mansfield, Newark, Grantham, Birmingham, Wolverhampton, Stafford and surrounding areas. Where you are based matters far less to us than how we can help you grow your business so please get in touch no matter where your business is based.