What is personal tax, and who needs to file a self-assessment tax return?

Personal tax refers to the taxation of an individual’s income, including earnings, investments and other sources. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.

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 Capital Gains Tax when you sold or ‘disposed of’ something that increased in value.
  • You had to pay the High Income Child Benefit Charge.

Furthermore, you will normally also have to complete a tax return if you receive any untaxed income, such as:

  • Money from renting out a property
  • Tips and commission
  • Income from savings, investments and dividends
  • Foreign income

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