Do You Need to Complete a Personal Tax Return?

Navigating the complexities of personal tax returns can be daunting, especially with ever-changing HMRC regulations. At Goldcrest Accountancy, we specialise in making tax season stress-free for individuals across the UK. Whether you're self-employed, a landlord, have an investment portfolio or you’re earning income from abroad, we ensure your tax return is accurate, compliant, and submitted on time.

Why Choose Goldcrest Accountancy for Your Personal Tax Returns?

Goldcrest Accountancy offers a personalised, professional service tailored to your financial situation. We provide:

• ✅ Comprehensive tax planning and advice

• ✅ Accurate preparation and submission of Self Assessment tax returns

• ✅ HMRC correspondence and dispute resolution

• ✅ Digital record-keeping and cloud accounting support

We take pride in offering transparent pricing, proactive communication, and a commitment to minimising your tax liability legally and ethically.

Who Needs to File a Personal Tax Return in the UK?

Not everyone in the UK is required to file a Self Assessment tax return. However, if you fall into any of the categories below, HMRC expects you to submit one annually.

Self-Employed Individuals and Sole Traders

If you run your own business or work as a freelancer, you must report your income and expenses through a Self Assessment tax return if your gross income (total sales) exceed £1,000 for the year. From April 2026, you will also be required to complete quarterly Returns to abide by HMRC’s Making Tax Digital rules if your turnover is in excess of £50,000. Contact us today and we can talk you through these new rules.

Company Directors and Shareholders

Directors of limited companies often need to file personal tax returns, especially if they receive dividends or other income outside of PAYE.

Property Income and Landlords

If you earn rental income from UK or overseas properties, you must declare it. This applies even if the property is jointly owned or the income is below the personal allowance threshold.

Foreign Income and Overseas Assets

UK residents who earn income abroad such as bank interest, dividends, pensions, or rental income must report it in the UK.

High Earners and Additional Income

You must file a tax return if:

• Your income exceeds £200,000 and you contribute to a pension (thresholds apply)

• You or your partner earn over £60,000 and receive Child Benefit

• You have untaxed income such as commissions or casual earnings

Investors and Capital Gains

If you’ve sold shares, property, or other assets and made a profit, you may be liable for Capital Gains Tax. These gains must be reported via Self Assessment.

If you have sold a UK property that wasn’t your main home, you will still need to report it on your Tax Return even if you completed a Capital Gains Tax on Property Return. See our guide on CGT on UK Property here.

Pensioners with Other Income

Retirees with multiple pensions, investment income, savings income or foreign earnings may need to file a Return to ensure accurate tax treatment.

What Information Is Needed for a Personal Tax Return?

To prepare your Self Assessment tax return, Goldcrest Accountancy will request:

• Personal details including your Unique Taxpayer Reference (UTR) and National Insurance number

• Details of all income sources (employment, self-employment, property, dividends, bank interest etc.)

• Records of allowable expenses and deductions

• Capital gains information (if applicable)

We’ll guide you through every step, ensuring nothing is missed and your return is submitted accurately. We use data collection forms to prompt you to supply all relevant information in the easiest way possible.

Key Dates for Personal Tax Returns

Missing HMRC deadlines can result in penalties. Here’s what to keep in mind:

5th April: End of the tax year

5th October: Register for Self Assessment for the previous year if you haven’t already

31st October: Ensure Goldcrest Accountancy has all of your information by this date to allow for accurate completion of your Return

31st January: Online tax return submission and payment deadline

Goldcrest Accountancy ensures your return is filed well before the deadline if all information is received on time, giving you peace of mind and avoiding late fees.

How Goldcrest Accountancy Simplifies the Process

We understand that tax jargon and paperwork can be overwhelming. That’s why our process is designed to be simple and efficient:

Step 1: Free Initial Consultation

We assess your situation and determine whether you need to file a tax return.

Step 2: Document Collection

You provide the necessary documents and we handle the rest.

Step 3: Tax Return Preparation

We prepare your return, optimise your deductions, and calculate your tax liability.

Step 4: Submission and Support

We file your return with HMRC and remain available for any follow-up queries.

Common Mistakes to Avoid When Filing a Tax Return

Even small errors can lead to HMRC investigations or penalties. Here are some pitfalls we help you avoid:

• ❌ Missing income sources

• ❌ Incorrect expense claims

• ❌ Late submissions

• ❌ Misreporting income

• ❌ Forgetting to declare capital gains

Benefits of Using a Chartered Accountant for Tax Returns

Hiring a chartered accountant isn’t just about convenience, it’s about confidence. Here’s why our clients trust us:

• 📈 Maximise tax efficiency through expert advice

• 🛡️ Avoid penalties with timely and accurate submissions

• 💬 Clear communication and jargon-free explanations

• 🔒 Secure handling of sensitive financial data

We’re proud to be listed with the ICAEW, ensuring the highest standards of service and ethics.

Ready to File Your Tax Return? Let Goldcrest Accountancy Help

Whether you're filing for the first time or managing complex income streams, Goldcrest Accountancy is here to help. We offer nationwide support with a personal touch.

📞 Contact us today to schedule your free consultation and take the stress out of tax season.