Self-Assessment is an assessment process HM Revenue

 

 Self Assessment Tax



Taxes are usually taken automatically from pensions, wages, and savings. Businesses and individuals who earn other income have to declare it in the form of a tax return.

The concept behind Self-assessment is that you must complete your tax return every year if you are required to do so and pay any tax due in that tax year. In addition, you must notify HM Revenue & Customs (HMRC) when you feel you are required to file an income tax return.

If you fill out the Self-Assessment tax return, you must include every penny of your tax-deductible income as well as all capital gains. Additionally, you take advantage of any tax allowances or tax reliefs you have the right to on your tax return.

You can send the tax return to HMRC in paper form or via the internet. The information in the tax return will be used to calculate your tax obligation. This is known as Self-Assessment.



 

You must file a tax return.

Tax returns are mandatory. You have to submit a return if, during the final fiscal year (May 6 to April 5,) you were:

  • self-employed as a "sole trader', and earned over PS1,000 (before subtracting any tax relief that you could claim tax relief for)
  • A partner in an enterprise partnership

 

It is not necessary to file a tax return if all your source of income is your pension or wages. However, you may have to file one if you have other income that is not taxed, like:

  • the money earned from renting out the property
  • Tips and commissions
  • Income from investments, savings, and dividends
  • foreign income

 

Online Assessment tax return

You can submit the Self-Assessment tax return online. If you

  • Self-employed
  • If you are not self-employed, you are still required to file your tax return, for instance, because you earn money from renting out a house.

 


You can also make use of our online services to

  • review the returns you've received before
  • check your details
  • Print your tax calculation

 

If you forget to file an income tax return

1staccountants help if you enrolled register for Self-Assessment before using this service in the following situations:

  • you're applying for your first time
  • You've filed an income previous tax return but didn't file one in the current tax year

 

 

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