Tax Returns for High Earners

If you are earning over £100,000 a year, you must file a self assessment tax return with HMRC. If you don’t usually send a tax return, you need to register by 5th October following the tax year you had the income. We can help you avoid any tax return penalties and handle everything for you.

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High Earner Tax Returns

Why do I need to do a tax return if I'm paid PAYE?

If you're a "high earner" making over £100,000 per year, HMRC will want to take a closer look at your money. You may well be in a more complex position than most, with more than one source of income to consider. Getting it all properly accounted for means filing a yearly Self Assessment tax return.

Another reason the taxman will ask high earners for a tax return is because it can affect your tax-free Personal Allowance. It comes down what HMRC calls to your "adjusted net income". This figure doesn't take your Personal Allowance into account, but does include a few kinds of tax relief. The basic idea is that you lose £1 of your tax-free Personal Allowance for every £2 over £100,000 your adjusted net income goes. This can get complicated quickly, of course - which is why HMRC needs a tax return to sort it all out.

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Tax Returns for High Earners

Will I be taxed twice if I submit a tax return?

No, you won't get taxed twice on the same income. However, if you don't know your way around the Self Assessment system, it's easy to get tripped up. Self Assessment comes with a lot of rules and tax return deadlines. You need to register for it, and will quickly stack up tax return penalties if you get things wrong.

Even if you avoid the major Self Assessment pitfalls, it's still easy to end up paying too much tax. Depending on your circumstances, you might have allowable expenses that count against the income you're taxed on. A lot of people don't realise what they can claim for, or - even worse - try to claim too much.

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High Earner Tax Returns

What information should I provide?

HMRC is going to want a full, detailed overview of the money you've got coming in and going out. That includes information on all your income sources (employment, interest, pensions, share dividends, etc.). You'll also be expected to declare any employment benefits you're getting. If you've got allowable expenses, the taxman's going to want to know about those too. It can be a lot to get to grips with if you're not used to it, and it's easy to drop the ball. Talk to RIFT if you need help or advice.

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High Earner Tax Returns

Can I get help with my tax returns?

Absolutely! RIFT are the UK's leading tax experts, and our specialist Self Assessment tax return service is perfect for people with complicated tax situations. We can take care of the whole thing for you, working out your total taxable income and filing your returns. Our seasoned tax experts will save you money and keep you on the right side of HMRC. Get in touch to see how we can help.

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RIFT Guarantee

Our guarantee means you'll never lose a penny

When you claim your tax refund with RIFT, our unique RIFT Guarantee means that you don't have to worry about the taxman reclaiming any of your money. So long as you give us full and accurate information, if HMRC disagrees with the amount that we’ve claimed and ask for the money back, we’ll pay it. It won’t cost you a penny.

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Wondering if you can claim a tax refund or need to submit a tax return? Use our online tools to find out if you're owed money by HRMC.

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