Self Assessment

Self Assessment in the UK is a system used by HM Revenue & Customs (HMRC) for individuals and businesses to report their income and calculate any tax owed. It applies to those whose income isn’t taxed at source, such as self-employed individuals, landlords, or those earning additional income. Filing your Self Assessment tax return involves completing an online or paper form detailing your earnings, expenses, and other relevant financial information. The deadline for online submissions is 31 January following the end of the tax year, while paper returns must be submitted by 31 October. It’s crucial to meet these deadlines to avoid late penalties. If you’re required to file a Self Assessment, you must register with HMRC beforehand. Keep accurate financial records to make the process smoother, and consider seeking professional advice if needed. Visit GOV.UK for further details and to get started.