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Who needs to prepare a Personal Income Tax return (IRPF), known as the ‘Self-Assessment Tax Return’ in the UK?

 

Unlike Brazil, the UK fiscal year runs from the 6th of April to the 5th of April of the following year.

 

The period for Self-Assessment for the year 2022/2023 is now open and you should prepare it:

 

• The self-employed worker (or sole trader) between the 6th of April 2022 and the 5th of April 2023. If you have worked during this period, but have not yet registered - it is important to do so. The self-employed worker can deduct expenses related to work, transport and office to calculate the tax due;

• The UK resident who earns income abroad - be it rent, dividends, gains relating to sales of shares, real estate or other capital;

• A non-UK resident who earns income in the UK. For example, the person who ceases to reside in the United Kingdom but continues to receive rent in the country;

• Employee earning more than £100,000 a year;

• The person who made a profit from sales of stock, second home or other property;

• The company director;

• The person who obtained government assistance for the child, known as a 'child benefit' in the UK, and the mother, or partner, had an income of over £50,000 annually;

• Anyone earning a return on investment or dividends in excess of £10,000;

• The property owner who receives more than £2,500 in rent.

 

This list is not exhaustive and others are also subject to submit the Self-Assessment. Check this at: https://www.gov.uk/check-if-you-need-a-tax-return.

 

His Majesty’s Revenue & Customs (HMCR) can also send you letters asking you to prepare a Self-Assessment, even if there is no tax to be paid. In this case, you must prepare the Self-Assessment as indicated in the letter.

 

We are happy to help you with registration and the Self-Assessment Tax Return. Get in touch or schedule an appointment.