[ˈpɜːsᵊnᵊl tæks rɪˈtɜːn]
A Personal Tax Return, also known as a Self Assessment, is a form that some people will need to file to declare their income and how much tax they owe to HMRC.
A Personal Tax Return is a document that Taxpayers must file if they meet certain qualifying criteria. This form is submitted to HMRC and includes information about the individual's income from every different source, Expenses, Pension contributions and other details to make sure HMRC know how much tax the individual is liable to pay.
Individuals will need to file a Personal Tax Return if they either are an Employee who earns over £100,000 a year, an individual who has earned over £1000 from Self-employment, or an individual who has earned over £2500 in rental income.
This Personal Tax Return is also called a Self Assessment. It must be filed by 31st January of the year following the Tax Year that the document describes.
At Earnr, we can manage your Personal Tax Return. This can save you time better spent elsewhere and improve accuracy in your tax filings.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
Read more
