Do I need to complete a self assessment?.
Let us worry about that, you carry on growing your business.
Did you receive any income that is not taxed when you receive it.
If you do have such income, you may need to complete a self assessment. Salary is taxed at source (PAYE is deducted, so is National Insurance). Therefore if you are working as an employee with a job, you USUALLY will not need to fill in a self assessment
(unless you have a salary of more than £100,000).
What should I do if I earn more than £100,000?
If you earn more than £100,000 is it your responsibility to inform HMRC that you need to complete a self assessment. The easiest ways to do this is to complete a SA1 form (online) or give HMRC a call 0300 200 3310.
We are specialists in this area and offer a quick, easy service for employees earning more than £100k to have their self assessment filed. Please give us a call to discuss this in more detail.
I am an employee and I am being taxed too much.
If you believe your tax code is wrong, it is usually because HMRC have incorrect information about your earnings or the number of income sources you have. Your employer cannot change your tax code without instruction from HMRC, so the quickest way to resolve the issue is to give HMRC a call on 0300 200 3300 and they will issue your employer with a revised tax code as required.
I have share options from my company – do I need to pay tax on them? .
There are a number of share option schemes, each with their own characteristics. Some are HMRC approved, others are not. The most common type of share option schemes are EMI, CSOP, and SAYE. The way in which they are taxed on grant, exercise and sale of the shares can vary, as can the conditions under which tax reliefs are available.
