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January 2019 – The need to submit a tax return

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You may well be registered with HMRC (Her Majesty’s Revenue & Customs) and be submitting an annual tax return in January already. If not, and if you think any of the following apply to you then you should speak with your accountant or give us a call to check whether or not you need to:

  1. Any interest received from your cash savings accounts is now paid gross (no tax is automatically deducted). The first £1,000 is tax-free for Basic rate taxpayers and the first £500 is tax-free for Higher rate taxpayers. Your tax code is adjusted automatically if you have earned more than these amounts;
  2. As long as your dividend income (for example from a share portfolio or from private company shares) is £5,000 or less there will be no tax to pay. Any income above this level received within an investment product will need to be declared to HMRC and the relevant tax paid (except for pensions, ISAs or investment bonds);
  3. Any income generated from investment funds invested into corporate bonds, government bonds or property will be taxable at your marginal rate of tax and will need to declared to HMRC and then the relevant tax paid (except for pensions, ISAs or investment bonds);
  4. Any chargeable gains made from an investment bond which result in a tax liability will need to be declared to HMRC and then the relevant tax paid. This could occur if you are taking withdrawals from a bond or have cashed one in (in whole or in part).

January 2019

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