Income Tax Self-assessment

1. It Could Be You

1.1 Nearly nine million taxpayers receive a tax return automatically. You should receive a tax return in April if you are:

• A sole trader or in partnership.
• A company director receiving remuneration or benefits.
• An employee with more complicated tax affairs (eg if you have a company car).
• An employee or pensioner who receives income in addition to your salary or state retirement pension.
• A higher rate taxpayer with savings or investment income that needs to be taxed at the higher rate.
• A taxpayer who receives untaxed income.

1.2 You may need to ask for a tax return. It is your responsibility to ask for a tax return if you have income or profits to declare, even if HM Revenue & Customs (HMRC) is aware of them but has not sent you a return.

You must notify HMRC within six months of the end of the tax year (ie by 5 October) if:

• You received any untaxed income during the tax year.
• You need to pay tax at a higher rate on income (such as interest or dividends) that has been taxed at a lower rate.
• You sold assets (eg land, investments or a business) and may need to pay capital gains tax (see 3.3).