Self Assessment Tax Return
Everything You Need to Know
If you’re self-employed or have other income that isn’t taxed through PAYE, you may need to file a self-assessment tax return. This is a form that you fill out each year to tell the government how much tax you owe.
Filing a self-assessment tax return can seem daunting, but it’s actually quite simple. In this guide, we’ll walk you through everything you need to know, including who needs to file a return, what information you need to include, and how to file your return.
Who Needs to File a Self-Assessment Tax Return?
Not everyone who is self-employed needs to file a self-assessment tax return. You only need to file a return if you meet certain criteria, such as:
- You have taxable income of over £1,250.
- You’re registered for self-assessment.
- You’re claiming expenses.
- You’re receiving certain benefits, such as the state pension.
What Information Do You Need to Include?
When you file your self-assessment tax return, you’ll need to include the following information:
- Your personal details, such as your name, address, and National Insurance number.
- Your income from all sources, including self-employment, investments, and property.
- Your expenses.
- Any tax credits or benefits you’re claiming.
How to File Your Self-Assessment Tax Return
You can file your self-assessment tax return online or by post. To file online, you’ll need to create an account on the government’s website. To file by post, you’ll need to download a form from the government’s website and send it in.
The Deadline for Filing Your Self Assessment Tax Return
The deadline for filing your self-assessment tax return is 31st January each year. If you miss the deadline, you could be fined.
Filing a self-assessment tax return can seem daunting, but it’s actually quite simple. By following the steps in this guide, you can easily file your return and avoid any fines.
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