Self-Assessment Tax Return

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.

Keywords: self-assessment tax return, self-assessment, tax return, UK, self-employed, taxable income, expenses, benefits, deadline

Want to know how we can help?

Fill out the below form to find out how we can help you.

Our Latest Blog

How To Build EBITDA Through Property and Acquisition

How To Build EBITDA Through Property and Acquisition

Discover how to enhance your property portfolio’s profitability with our insightful guide on building EBITDA. Learn effective strategies for joint ventures, smart acquisitions, and embracing sustainable growth while managing risks in the property sector. Tune into our podcast for expert advice and actionable steps towards financial success.

Learn More
Business owner outsourcing an accountant to manage their taxes.

Do I Need An Accountant For Taxes?

We break down tax returns, how accountants can help you save, and the choice between an accountant or tax software. Delve into the details of tax management, weigh the pros and cons, and stay in control of your business’s financial journey.

Learn More