Whether you’re self-employed, run a company, or earn additional income from other sources, filing a Self-Assessment is your responsibility. Before you begin preparing a paper or electronic tax return, gather essential documents that detail all your income and expenses. Remember, failing to submit your return by the deadline can result in financial penalties.
What is a Self-Assessment?
Self-Assessment is a tax return in the UK. It provides a summary of your annual income and the amount of tax owed. You submit this declaration to HMRC within the legally specified timeframe.
Who needs to submit a Self-Assessment declaration?
A Self-Assessment return must be filed by:
- Self-employed individuals who earned over £1,000
- Partners in a partnership
- Company directors whose income is not taxed under PAYE
- Individuals earning income from property rental, commissions, savings, dividends, or investments
- Individuals receiving child benefit
Remember that even if you are running your own business that did not show income in the last year you still have to file a tax return.
How to Register for Self-Assessment
You can file a Self-Assessment in two ways:
- On paper
- Electronically
For a paper return, you will need to download the form appropriate to your type of employment from the HMRC website, then complete the form and send it to the office.
The second option is to file online. To do this, register with HMRC online services or through external specialized services. Once registered, log in and complete the Tax Return sections. The system will automatically calculate your tax and National Insurance contributions.
Self-Employed Registration
If you’re self-employed and wish to file a self-employment return, you must also complete:
- Form SA103S within the SA100 tax return – if your annual turnover did not exceed the VAT threshold for the tax year
- Form SA103F within the SA100 tax return – if your annual turnover exceeded the VAT threshold
Registration for Non-Self-Employed Individuals
If you are employed and your employer reports your income to HMRC but you also earn income from other sources, complete form SA102 in the SA100 tax return. When employed, also prepare your P45 and P60 forms.
Partnership or Partner Registration
When filing for a partnership, complete:
- Form SA104S within the SA100 return – for income below £85,000
- Form SA104F within the SA100 return – for income exceeding £85,000
This will declare each partner’s share of the partnership income. Additionally, submit form SA800. Each partner must file this document individually. The tax return must include details of income and its distribution among partners, based on which each partner’s tax liability will be determined.
What are the Deadlines?
The tax return covers the period from April 6 of the previous year to April 5 of the current year.
- October 31 – deadline for filing a paper return
- January 31 at 11:59 PM – deadline for submitting an electronic Self-Assessment
- January 31 at 11:59 PM – deadline for paying any taxes owed
Filing Self-Assessment through an Accounting Office – Leave Your Tax Matters to Professionals
Filing a tax return is a complex process, but you don’t have to manage it alone. You can use our accounting services to avoid mistakes and ensure everything is done on time. This will help you avoid unnecessary stress and, most importantly, the penalties HMRC may impose for any delays.
