Individuals and Personal Tax

Most taxpayers required to submit annual self-assessment forms are either:

• sole traders or a partner in a partnership
• limited company directors working for the business in which they own shares

However, many more people than that must register for and complete each year a self-assessment form. As a professional self-assessment accountant we can help you with your tax returns if you fit into any of these categories:

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If you earn over £100,000 a year, you must register for self assessment even if your earnings are derived exclusively from salary on which you already pay income tax and national insurance. For every £2 you earn over £100,000, your personal allowance decreases by £1 meaning that people earning £125,000 or more no longer have an annual personal allowance. There are also implications for people earning £50,000 or more with Child Benefit payments so let us guide you through your responsibilities.

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Dividends are distributions of profit from companies in which you own shares. Each taxpayer has an annual £2,000 dividend allowance under which tax does not have to be paid. Taxpayers earning under £10,000 a year from dividends should inform HMRC and those earning £10,000 or more must register for self assessment – we can help.

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Tax is paid on any profit you derive from property you personally own which you rent out to others. The legislation on rental income on flats, houses and holiday lettings was changed a few years ago which resulted in higher tax liabilities for landlords.

You will also need to report income from furnished holiday lettings anywhere in the European Economic Area.

You pay no tax on the first £1,000 worth of income on the property that you personally own. If you earn between £1,000 and £2,500 a year, HMRC must be notified.

For income of £2,500 a year or more, the situation is more complicated and it depends on your actual level of income and whether allowable expenses can be considered in the calculation of that income. In either case, you’ll need to report it on a self assessment form with the supplementary SA105 page.

HMRC has launched a tax-raising drive called the “Let Property” campaign whose goal is to encourage landlords to report undeclared income. If you are concerned that this campaign may affect you, please contact us without delay on 0800 140 4644 or using our contact form.

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