Personal Tax Returns

What is a Personal Tax Return?

Personal Tax Return is an individual based compliance that must be submitted on a yearly basis. This service is for everyone who may be subject to the individual tax return regime. (Refer to below)

As this regime is constantly changing with new laws, it would be wise for those subject to the regime, to utilise the professional advice provided by Louis and Hill’s with it strategic support.

  • Self-Employed

  • Individual with an annual income of more than £100,00

  • You or your partner claim child benefit and either one of you have income of more than £50,000 per year

  • Landlords – You have buy to let properties

  • You have income from savings and investments in excess of £10,000

  • You have income from overseas

  • You have received income from an Estate or Trust

  • You have sold an asset and capital gains tax is payable

Frequently Asked Questions

Some commonly asked questions about personal tax returns.

Personal Tax Return is an individual based compliance that must be submitted on a yearly basis. This service is for everyone who may be subject to the individual tax return regime.

You may need to do so if you are:

  • Self-employed, or a sole trader earning more than £1,000
  • A partner in a business partnership

Missing the deadline will likely incur a £100 fine. Missing the deadline by more than 3 months (starting 1st May 2022) will incur a £10 fine for each day missed, up to £900/90 days.