Self-assessment is a system used by HM Revenue and Customs (HMRC) to collect Income Tax from people who have certain types of income, such as income from self-employment, dividends, and interest. If you are required to fill in a Self-Assessment tax return, you must do so by the deadline, or you may be liable for penalties.
This article will walk you through the steps involved in filling in a Self-Assessment tax return, and include the following keywords: Self-Assessment, tax return, income, expenses, tax relief, deadline, penalty, HMRC, Government Gateway, self-employment, dividends, interest, rental income, Unique Taxpayer Reference (UTR), National Insurance number, records, receipts, invoices, bank statements,
business travel, professional fees, and equipment costs start early, read the instructions carefully, check your return carefully, and contact HMRC for help.
Introduction Self-Assessment Tax Return
A Self-Assessment tax return is a document that you must fill in if you have certain types of income that are not taxed at source. This includes income from self-employment, dividends, interest, and rental income.
The Self-Assessment tax return is used to calculate how much Income Tax you owe. You will need to provide information about your income, expenses, and any tax reliefs that you are eligible for.
The deadline for filing a Self-Assessment tax return is usually 31st January following the end of the tax year. However, there are some exceptions to this deadline. For example, if you are self-employed, the deadline is 31st October.
If you miss the deadline for filing your Self-Assessment tax return, you may be liable for penalties. The amount of the penalty will depend on how late you are.
Step 1: Gather your information on self-assessment tax return
The first step is to gather all of the information that you will need to fill in your Self-Assessment tax return. This includes:
Your Unique Taxpayer Reference (UTR)
The National Insurance number Details of your income, including any income from self-employment, dividends, and interest Records of any expenses relating to self-employment Any contributions to charity or pensions that might be eligible for tax relief P60 or other records showing how much income you received that you’ve already paid tax on You can find your UTR and National Insurance number on your most recent tax return or P60.
Step 2: Complete the Self-Assessment tax return
You can fill in the Self-Assessment tax return online or on paper. The online version is usually easier to use, but you will need to have a Government Gateway account.
If you are filling in the tax return by paper, you can get a form from HMRC or download it from their website.
The Self-Assessment tax return is a complex document, so it is important to read the instructions carefully. If you are not sure how to fill in a particular section, you can contact HMRC for help.
Step 3: Check your return
Once you have completed your Self-Assessment tax return, it is important to check it carefully to make sure that all of the information is correct. If you are not sure about anything, you can contact HMRC for help.
Step 4: Submit your return
You can submit your Self-Assessment tax return online or by post. If you are submitting your return online, you will need to pay the tax that you owe at the same time. If you are submitting your return by post, you will need to pay the tax within 30 days of the deadline.
If you have any questions about filling in a Self-Assessment tax return, you can contact HMRC for help.
If you are self-employed, you will need to keep records of all of your income and expenses. This includes receipts, invoices, and bank statements.
You can claim tax relief on certain expenses, such as business travel, professional fees, and equipment costs. If you are unsure about anything, you should always contact HMRC for help.