A Tax Return is a form which reports all of your taxable income (from all sources), and your allowable expenses to HMRC, in order to reconcile your overall tax position for a fiscal year.
This means that all your income (unless it is specifically exempt) needs to be included on your Tax Return, even if you think HMRC already have the details.
Therefore, if you have a PAYE salaried role, even though your payroll will have reported your PAYE figures to HMRC, you still have to include them on the Tax Return as well as any untaxed sources of income (such as self-employed profits). It also means that if you have bank interest which is below the allowable amount of savings allowance for you (such that no tax would be due), you still need to include it etc.
Common examples of income which does not need to be included on a Tax Return are – bank interest in an ISA account, dividends in an ISA account, a few (but by no means all) state benefits such as winter fuel allowance for those still entitled, maternity allowance or bereavement allowance.
The 2023/24 fiscal year ran from 6th April 2023 to 5th April 2024, and the 2023/24 Tax Return will be due at the end of this month, on 31st January 2025.
If you have any questions or would like to discuss Tax planning, get in touch with our team of experts on 01424 730345 or email bexhill@honeybarrett.co.uk and they will be happy to help.
