You need to file a Self-Assessment tax return if you own a limited company, made capital gains from property or share sales, earned over £1,000 from side work, have rental income, or spent more than £2,500 on professional expenses. Filing lets you claim back tax relief even if HMRC doesn't ask for a return.
A business owner. If you've got a limited company, if you've got capital gains either from selling a property or from selling shares, if you have side hustles are paying you income, especially if it's above a thousand pounds. So many reasons. If you've got rental property, you got to do self assessment. I do self assessment. Whether HMRC ask me to do or not is really important because that's an opportunity to claim back wherever I'm not claimed. If you've got like a professional expenses, you can either use my video and claim it through their usual form, I think the pH7 form. But if your professional expenses are above £2,500, then you need to do self assessment to claim it.
