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What is a UK Self Assessment tax return?
A UK Self Assessment tax return is a document that you must complete if you have certain types of income, such as income from self-employment, renting out property, or investments. You must also complete a Self Assessment tax return if you have any untaxed income, such as savings interest or dividends.
The Self Assessment tax return is used by HM Revenue and Customs (HMRC) to calculate how much income tax you owe. The amount of tax you owe will depend on your income and expenses.
Who needs to complete a UK Self Assessment tax return?
Not everyone needs to complete a UK Self Assessment tax return. You only need to complete a return if you have one of the following types of income:
Income from self-employment
Income from renting out property
Untaxed income, such as savings interest or dividends
Income from certain foreign sources
If you are not sure whether you need to complete a Self Assessment tax return, you can check with HMRC.
How do I file a UK Self Assessment tax return?
You can file your Self Assessment tax return online or by post. The deadline for filing your return (online) is usually 31st January following the end of the tax year.
If you file your return online, you can use the HMRC website. You will need to create a Government Gateway account and have your Unique Taxpayer Reference (UTR) number.
If you file your return by post, you can download a form from the HMRC website or call HMRC to request a form.
You must register for self assessment by the 5th October following the end of the tax year.
What are the penalties for not filing a UK Self Assessment tax return?
If you do not file your Self Assessment tax return on time, you could be fined by HMRC. The amount of the fine will depend on how late you are and how much tax you owe.
You could also be charged interest on any tax that you owe.
How can I get help with my UK Self Assessment tax return?
If you need help with your Self Assessment tax return, you can get help from HMRC or from a tax adviser.
If you would like a free initial consultation to discover how we can help, please get in touch!