Self-Assessment Tax Return
What is a Self-Assessment Tax Return
A Self-Assessment tax return is how individuals report their income to HMRC and calculate any tax owed. It’s required if you’re self-employed, a landlord, earn untaxed income, or meet other criteria set by HMRC. The return includes income, expenses, and any tax reliefs or allowances.
Who Must File:
You must file if you’re self-employed, a company director, a landlord, or earn over £1,000 from untaxed sources.
Deadline:
The deadline is 31st January for online submissions (covering the previous tax year ending 5th April).
Accurate Reporting Matters:
Submitting correct figures is vital to avoid investigations or penalties and to ensure you don’t overpay tax.
Penalties for Late Filing:
Missing the deadline can lead to automatic penalties starting from £100, plus daily fines if further delayed.