Hello and welcome to the site. Thank you for your question.
There are exemptions ..
Basically, you would have to file a tax return (self assessment tax return) if the following apply to you
- you are self employed
- you are employed and received employment related benefits
- your income is over £100,000 in a tax year
- income from UK property or land £2,500 or more after deducting allowable expenses
- income from UK property or land £10,000 or more before deducting allowable expenses
- income of £2,500 or more that hasn't been taxed (interest, tips, commission)
- income from savings and investments that have been taxed and was £10,000 or more gross
- you expect to pay capital gains tax
You can carry out a check if you need to fill in a self assessment tax return by going through steps here
I hope this is helpful and answers your question.
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