First-timer tax returns, worry-free

If you’re earning any untaxed income over £1,000, you’ll need to file a tax return to report it to HMRC.

That doesn’t necessarily mean that you’ll owe tax. You’ll need to pay Income Tax and National Insurance if you earn more than £12,570 during a single tax year. 

If you’re earning capital gains over £3,000 you’ll owe Capital Gains Tax.

Read more here.

Most people in the UK don’t need to file a tax return because they’re taxed through a system called PAYE and only receive their income after tax. 

But, in other situations and for a variety of reasons, you might need to file a Self Assessment tax return. 

Some instances include:

• You’re self-employed and earned over £1,000 untaxed
• You have any untaxed income over £1,000
• You want to claim a tax refund
• HMRC tells you to submit one
• You qualify for benefits

And more! Get all the details on who needs to file.

It’s when HMRC split your tax bill into two payments – one due on 31st January and the second due on 31st July. 

Most of the time, it’s for people who are self-employed.

You probably owe Payment on Account if:

• Your tax bill is more than £1,000
• Less than 80% of your total tax owed is paid from your salary
• HMRC told you they were splitting your tax bill when you filed your tax return in January

The Income Tax rate you’ll be charged depends on your income and how much of it falls into each tax band. The four tax bands are 0%, 20%, 40% and 45%.

If your income is:

• Up to £12,570 -> 0%
• £12,571 to £50,270 -> 20%
• £50,271 to £125,140 -> 40%
• over £125,141 -> 45%

More on UK Income Tax rates here.

Simply, it’s when a person or business lawfully pays the least in tax that they need to. 

It’s not the same as tax evasion, which is illegal. 

Learn more here.

Welcome! 

Using us to sort your taxes is easy and straightforward. 

Firstly, if you’ve already got an accountant, you’ll need to switch accountants over to TaxScouts. 

If you didn’t have an accountant before, all you need to do is log into your TaxScouts account and follow the steps! 

If you ever need help, you can contact the support team through the live chat or email them at [email protected].

The type and amount of tax you pay depends on what kind of investment income you’re earning. 

This can include Income Tax, Capital Gains Tax, and/or Dividend Tax.

Learn more about the types of investment income and what taxes you might owe HMRC.