PAYE and self assessment

Everything you need to know about self-assessment if you are a PAYE employee

You might be breathing a sigh of relief right now if you are a PAYE employee – after all, self-assessment tax returns don’t apply to you, do they? As it happens, in certain circumstances they very well might apply to you – for example, if you claim a large amount of business expenses. Luckily for you, the experts at DSR Tax Claims are here to let you know everything you need to know about filling in a self-assessment return if you are a PAYE employee. You could also check out our handy online calculator to see if you are eligible for a tax rebate, and if so, call our team on 0330 122 9972 and let us get it started.

If you are PAYE, do you have to file a self-assessment tax return?

In most circumstances, you don’t need to file a tax return if you are a PAYE employee because your employer sorts out all your tax deductions through payroll and gives you the details of those deductions in your payslip. However, there are some situations where you would need to file a self-assessment tax return even if you are a PAYE employee.

Here are some of the situations that would lead you to require self-assessment:

  • If you have incurred business expenses of over £2,500 that you want to claim tax relief for.
  • If you have income from other sources, such as property rental or eBay listings, and that income is not taxed at source.
  • If you are a higher rate taxpayer who has received share dividends.
  • If you have claimed Child Benefit while you or your partner earn over £50,000.
  • If you have made a profit from your investments, or from selling shares or property.
  • If you have income from overseas – if you have been working abroad for example, or have any foreign investments or property rental income.

You would also need to file a tax return if you live abroad but also have an income from the UK.

What happens if HMRC inform you that you need to file a tax return?

If you receive an unexpected request for a self-assessment tax return from HMRC, our initial advice would be to make sure you don’t ignore it. Even if it is an error by HMRC, unless you tell them they have got it wrong, they will be expecting a tax return from you and will issue you with penalties if they don’t get one.

How can DSR Tax Claims help?

Our tax experts at DSR Tax Claims know how complicated tax returns can be and that is why we offer a self-assessment tax return service. We aim to take the hassle out of tax returns for our clients and we also deal with HMRC on your behalf – so less stress and time wasted dealing with HMRC. And when you have our tax preparation specialists working on your behalf, you know that your tax return is going to accurate and complete and that you won’t be paying a penny more in tax than you need to. That’s because we know HMRC regulations inside out. You never know, we might even be able to claim a sizeable tax rebate on your behalf if you haven’t been claiming your full amount of tax relief in the past. Give our friendly and professional team a call on 0330 122 9972 and let’s get things sorted out for you.

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