Completing your tax return

Not everyone automatically receives a tax return from the tax office. If your income just consists of a basic salary then you probably won't have to complete a tax return. However, if you have P11D benefits or income from savings and investments or property, then you'll need to complete a tax return detailing all your other income as part of self assessment.

You must tell HMRC if you receive taxable income in addition to any income you pay tax on through PAYE as you may have to complete a tax return form.

If you file your return online, the tax calculation is done for you automatically. If you send in a paper return, HMRC will calculate the tax for you or you can choose to do the calculation yourself. If you have not paid enough tax this can be collected through an adjustment to your tax code the following tax year. If you have paid too much tax then the amount can be refunded straight into your bank account.

Top tips

  • Beware of regular scams where fraudsters pretend to be HMRC and ask for your bank details or personal information by email. The emails look like they are from HMRC and have the HMRC logo on them but HMRC would never ask for your bank details or personal information by email.
  • If you want to check that you are paying the right amount of tax, or if you think you may have overpaid or underpaid tax, you should contact your tax office and ask if you can complete a tax return form.
  • Make sure you complete your tax return on time otherwise you'll have to pay a penalty.
  • Start a folder for each tax year and put all the information you need for your tax return in it as soon as you receive it to avoid having to hunt for this before you can complete your return.
  • Find out more about self assessment from HMRC.

 

 

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