Basic taxation

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11. Self assessment - who needs it?

In April each year, HM Revenue & Customs sends out almost nine million self assessment forms to taxpayers.

You need to complete a self assessment return if you are:

• self employed
• a business partner
• a company director
• a trustee or personal representative

You will also need to complete a form if you are an employee or pensioner with "more complex" tax affairs, for example:

• you have capital gains of over £9,600 in the 2008-2009 tax year
• you pay income tax at 40 per cent
• you received income from more than one source
• you received a lump sum or compensation payment from your employer
• you lived abroad for all or part of the tax year
• you want to claim complicated pension contribution reliefs or tax relief
• for the more sophisticated investments such as enterprise investment schemes or venture capital trusts

If you are unsure of your position or have any problems with the forms, your local tax office will help. Alternatively you can phone the HM Revenue & Customs' helpline on 0845 9000 444.

1. Your tax breaks courtesy of the government 2. Keep it legal 3. Income tax - first principles 4. Income tax - keeping it in the family 5. Capital gains tax (CGT) 6. How to avoid CGT on your share portfolio 7. Inheritance tax (IHT) planning 8. The most popular tax efficient investments 9. The tax treatment of collective funds 10. Tax efficient but may be very risky 11. Self assessment - who needs it? 12. Self assessment - key dates 13. Do you need an adviser? 14. Conclusion