Self-Assessment Tax Returns

Self Assessment is the system HM Revenue and Customs (HMRC) uses to collect Income Tax from individuals and businesses whose tax is not deducted automatically from their income. This includes the self-employed, company directors, landlords, and those with additional untaxed income.

Who Needs to File a Self Assessment Tax Return?

You must file a Self Assessment tax return if:

• HMRC has asked you to do so.

• You are self-employed as a sole trader and earned more than £1,000 (before expenses).

• You are a partner in a business partnership.

• You have untaxed income, such as:

  • Money from renting out property.

  • Tips and commission.

  • Income from savings, investments, or dividends.

  • Foreign income.

Registration and Deadlines

• Registration: If you have not submitted a tax return before, you must register for Self Assessment by 5 October following the end of the tax year in which you had income to report.

• Filing Deadlines:

  • Paper returns: 31 October following the end of the tax year.

  • Online returns: 31 January following the end of the tax year.

• Payment Deadlines:

  • 31 January: Balancing payment for the previous tax year and first payment on account (if required).

  • 31 July: Second payment on account (if required).

Missing these deadlines can result in penalties and interest charges.

How to File Your Tax Return

• Online: Most individuals and businesses file online using HMRC’s digital service. You’ll need a Government Gateway account and your Unique Taxpayer Reference (UTR) number to access the system.

• Paper: You can download or request a paper form (SA100) if you prefer to file by post, but this must be submitted earlier than the online deadline.

• Record Keeping: Keep detailed records (bank statements, receipts, invoices) to ensure your return is accurate and to support your figures if HMRC asks for evidence.

Paying Your Tax Bill

There are several ways to pay your Self Assessment tax bill:

• Online or telephone banking (Faster Payments, CHAPS, Bacs).

• Debit or corporate credit card online.

• Direct Debit.

• Cheque through the post.

• At your bank or building society (with a paying-in slip).

You can also pay in instalments, but all payments must be received by the deadlines to avoid penalties.

Getting Help

You can appoint an accountant, such as Reaveley Cooper Accountants, to complete and submit your Self Assessment tax return on your behalf. HMRC also provides guidance, online help, and a digital assistant for Self Assessment queries. If you have complex circumstances or need technical support, professional advice is recommended.

Key Self Assessment Dates

For further information or assistance with your Self Assessment tax return, contact Reaveley Cooper Accountants or visit the official HMRC website.