Self-Assessment Tax Returns

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What Is Self-Assessment?

Self-assessment is the system used by HMRC to collect tax from individuals and businesses with other means of income, via an online or paper tax return.

Completing Self-Assessment

You will need to complete a self-assessment if you are any of the following:

Self-employed
A director of a limited company
Employed and earning over £100,000
Earning over £50,000 and receiving child benefit
Receiving property income
Earning income that hasn’t been taxed

Supplementary Pages

You may also need to complete supplementary pages for other income:

Employment
Partnership income
UK property income
Foreign income or gains
Capital gains

Strict Deadlines For Self-Assessment

There are strict deadlines for registering for self-assessment, different filing deadlines depending upon whether you file a paper tax return or online, and two key dates for paying tax. Not only do you need to complete the return correctly, but you also have to self-assess. That means calculating your tax liability. And that can be tricky if you don’t know what you are doing. Get it wrong, and you will have to pay a penalty and interest. You’ll get a penalty of £100 if your tax return is up to 3 months late; you’ll have to pay more if it’s later, or if you pay your tax bill late.

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