Do you have additional income streams?
Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position for 2024-25, especially if they earn from casual work, renting, or crypto.
If you are earning extra income it is important to be aware of the tax implications.
The good news is there
What if you no longer need to submit a tax return
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or no longer rent out property, notifying HMRC early avoids penalties and keeps your records up to date.
If your circumstances have changed and you believe you no longer need to complete a
Tax returns for a deceased taxpayer
You may need to submit tax returns for someone who has died. As the personal representative, you are legally responsible for reporting income earned before and after death.
This person, known as the ‘personal representative’, is legally responsible for dealing with the deceased’s money, property
Who is liable to Income Tax at Scottish rates?
Where you live determines if you pay Scottish Income Tax. The rules are not based on where you work, who pays you, or national identity, but on your main UK home during the tax year.
The definition of a Scottish taxpayer is generally linked to the question of whether the taxpayer has a 'close
Accounting on a cash basis
From April 2024, the cash basis is the default method for sole traders and most partnerships when preparing Self-Assessment returns. Designed to simplify tax reporting, the cash basis lets businesses record income and expenses when money actually moves, easing the admin burden for many. Those who
Claiming for uniforms, work clothing and tools
Buying tools or clothing for your job? You could claim tax relief. Check if you qualify and how to get your money back. If you have spent your own money on items essential for your work, such as tools or specialist clothing, HMRC may allow you to claim tax relief, even up to four years after you
Tax rules for savings interest
You could earn up to £18,570 in tax-free savings interest in 2025-26, thanks to the personal allowance, starting rate for savings, and the Personal Savings Allowance.
If your taxable income for the 2025-26 tax year is less than £17,570, you will not pay tax on the interest you receive. This figure
Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers and register with HMRC by 5 October if this is your first time.
There are a number of reasons why you might need to complete a self-assessment return. This includes if you
When do the higher rates of Income Tax apply
Once your income passes £100,000, your tax-free allowance starts to shrink. Between £100,000 and £125,140, the effective tax rate climbs to 60%, but smart planning can help.
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net
Do not forget to claim the marriage allowance
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, and up to £1,260 if you backdate your Marriage Allowance claim for the past
