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Most people in the UK do not need to file a tax return because any taxable income they have is taxed through a system called PAYE (paye as you earn).
However, there are a few situations where you’ll be required to complete a Self Assessment, also known as a personal tax return. Read more to find out what these situations are.
In some cases, you may have to submit a tax return to claim a refund if you’ve paid too much income tax. Here are some examples:
Sometimes HMRC may decide you need to file a tax return. They’ll usually let you know by:
This could be for any reason, but some of the most common reasons are:
In some cases, you may have to file a Self Assessment tax return if you quality for benefits, i.e:
You’re a ’name’ at the Lloyd’s of London
In this case, you’ll only need to complete a tax return if you paid yourself dividends over £10,000. Otherwise, you’re no longer required to file a personal tax return.
However, you still need to make sure that your company submits a corporate tax return.
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