When do I need to submit a tax return?

There will be nothing for you to report on a tax return from your Wealthsimple portfolio if you only hold an ISA or JISA.

You can find out whether you need to submit a tax return at the following website: https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return.

If you hold a personal account, you will need to submit a tax return if:

• you earned dividends in excess of £2,000 (including any dividends you received outside of the portfolio).
• you received interest in excess of your Personal Savings Allowance (please see the ‘What taxes may I be liable to pay if I have a personal account?’ section for further information).
• you have made gains of more than the capital gains tax exemption (£12,500), and/or (ii) any of the disposals that you have made in your personal account are worth over £50,000.

If you hold a pension, you may need to submit a tax return if:

• you are a higher or additional rate tax payer and have made a pension contribution last tax year (as you may be able to claim back income tax).
• you are taking income from your Wealthsimple pension.

If you think you may need to submit a tax return, we strongly recommend that you speak to a professional accountant.