You need to do a Self Assessment tax return if…

You must file a Self Assessment return if, in the last tax year (6 April 2025 to 5 April 2026), any of the following apply:

1. You’re self-employed as a sole trader

• And you earned more than £1,000 (before expenses)

2. You’re a partner in a business partnership

3. You’re a company director

• Unless your income is only from PAYE and you have no other income to declare

4. You earn untaxed income, such as:

• Rental income from property
• Dividends or savings interest not taxed at source
• Foreign income
• Income from cryptoassets
• Side hustle, casual sales, or freelance work (over £1,000)

5. Your total income exceeds £100,000

• You may lose your personal allowance and need to report this to HMRC

6. You owe capital gains tax

• For example, from selling shares, property, or other investments

7. You or your partner receive Child Benefit

• And one of you has income over £50,000 (High Income Child Benefit Charge applies)

8. You’ve received income from a trust, estate, or settlement

9. HMRC has asked you to complete a tax return

• You must do so, even if you don’t think you meet the criteria

🚫 You don’t need to do a Self Assessment if:

• You are only employed or receive a pension fully taxed through PAYE
• You have no other income to declare and no tax to pay
• You earn under the various allowances (e.g. rental, trading, savings)

🔍 Not Sure?

If you’re unsure, you can:

• Use HMRC’s online tool: Check if you need to send a Self Assessment return
• Or speak to an Merranti