How to check if you need to file a self assessment tax return or let HMRC know about your earnings

Ойын-сауық

I get a lot of questions on the channel asking if individuals need to prepare a self assessment tax return but as it turns out there is a really easy way to check this with HMRC's tool check.
Who must send a tax return
You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:
you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
you were a partner in a business partnership
you had a total taxable income of more than £100,000
you had to pay the High Income Child Benefit Charge
You may also need to send a tax return if you have any untaxed income, such as:
some COVID-19 grant or support payments
money from renting out a property
tips and commission
income from savings, investments and dividends
foreign income
This is HMRC tool to check if you need to file a self assessment return.
www.gov.uk/check-if-you-need-...

Пікірлер: 10

  • @RebeccasFinanceTutorials
    @RebeccasFinanceTutorials6 ай бұрын

    If you have any questions at all just fire away as always happy to help 😀

  • @RebeccasFinanceTutorials
    @RebeccasFinanceTutorials6 ай бұрын

    Here is a link to my first video in this series talking about the review of Etsy, Ebay, Amazon, Facebook sellers and how this might impact you: kzread.info/dash/bejne/nat3pbukncS2cps.html

  • @robingreen1533
    @robingreen15336 ай бұрын

    Thanks Rebecca. Thanks so much for the tutorial BUT as a 78-year-old (very, very worried Ebay seller) I am desperately trying to pay HMRC a considerable amount owed to them BUT even after your tutorial (which reached an abrupt conclusion) I am still no further forward as there is nowhere for me to input financial money £££££ amounts to prove I need to pay the tax due. I am truly desperate to pay the amount owing and to date have spent the whole of last week on my computer & it is now affecting my mental health & that of my poor wife. I registered a UTR yesterday, am I too late? All I want to do is pay my tax bill (HMCR seem to make it deliberately impossible to make a payment) & get a good night's sleep. Thanks.

  • @RebeccasFinanceTutorials

    @RebeccasFinanceTutorials

    6 ай бұрын

    Hi Robin can you send me an email to rebeccasfinancetutorials@hey.com and we can jump on a call here and I will help point you in the right direction x

  • @uzmakikunai1
    @uzmakikunai16 ай бұрын

    Hi, thanks for the video. I buy/sell/trade trading cards for colllecting and playing with rather than making a profit, but i have over the 1k from shifting stuff back and forth. It evens out it terms of value, more or less. Would this count as trading in the eyes of HMRC, or would it count against something like capital gains, or could it be ignored as selling personal items? Again I use and collext the items rather than just stocking them with the purpose of re-sale.

  • @RebeccasFinanceTutorials

    @RebeccasFinanceTutorials

    6 ай бұрын

    Hi hun generally speaking with assets such as cards for instance pokemon cards should you sell them are usually deemed as capital assets (chattels) and not trading assets. This is what could be classed as a wasting asset as their asset life is expected to be less than 50 years so they are exempt under CF76721 TCGA92/S44 x

  • @uzmakikunai1

    @uzmakikunai1

    6 ай бұрын

    @@RebeccasFinanceTutorials Thank you! I'll give your other videos a watch to try to make sure I'm above board on this stuff

  • @uzmakikunai1

    @uzmakikunai1

    6 ай бұрын

    @@RebeccasFinanceTutorials Thank you! I'll give your other videos a watch to try to make sure I'm above board on this stuff

  • @IfItAintBrokeStillFixIt
    @IfItAintBrokeStillFixIt6 ай бұрын

    Is That £1000 profit ? or Gross before expenses ?

  • @RebeccasFinanceTutorials

    @RebeccasFinanceTutorials

    6 ай бұрын

    Hi hun that's revenue before any costs x

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