Personal Tax Returns

5-Star Rated

10+ Years in Business

ACCA Registered

Personal Tax Return

Self Assessment is a system HMRC uses to collect Personal Income Tax.

Tax is usually deducted automatically from wages, pensions and savings so you don't need to send a return if your only income is from your wages or pension.

But, you may need to send one if you have any other untaxed income, such as:

  • Some government grants or support payments
  • Money from renting out a property
  • Tips and commission
  • Income from savings, investments and dividends
  • Foreign income

Who must send a tax return?

You must complete a tax return if you are:

  • A director of a limited company
  • Self-employed as a ‘sole trader’ and earned more than £1,000
  • A partner in a business partnership

Capital Gains Tax

Don't forget Capital Gains Tax (CGT)!

Capital Gains Tax is a tax on the profit when you sell something that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive.

You pay Capital Gains Tax on the gain when you sell:

  • Most personal possessions worth £6,000 or more, apart from your car
  • Property that’s not your main home
  • Your main home if you’ve let it out, used it for business or it’s very large
  • Any shares that are not in an ISA or PEP
  • Business assets

Compiling your personal tax return can be a confusing and lengthy process and mistakes can be costly. Let the experts at LCP Accountants do the hard work for you.

acca logo
ACCA Registered
Xero certified advisor
Xero Certified Advisor
AAT logo
AAT Qualified