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Basic introduction to self-assessment tax returns

What is self-assessment tax return?

A self-assessment tax return is a form that must be completed by anyone who is self-employed, receives income from property or investments, or has any other income that is not taxed at source. It’s used to report your income and any capital gains, as well as any tax you owe or are owed.

When is the deadline for submitting a self-assessment tax return?

The deadline for submitting a self-assessment tax return in the UK is 31 January following the end of the tax year (which runs from 6 April to 5 April). For example, the deadline for submitting a tax return for the 2021/22 tax year is 31 January 2023.

How do I register for self-assessment?

To avoid mistakes and getting declined, most people use an accountant to do the registration. You can however register for self-assessment online on the HMRC website. You will need your National Insurance number, your contact details, and information about your income and employment status.

What information do I need to complete my self-assessment tax return?

You will need to gather information about your income, expenses, and any other relevant financial information for the tax year in question. This could include things like receipts, invoices, bank statements, and dividend vouchers.

What are the penalties for late submission or mistakes on my tax return?

If you miss the deadline for submitting your tax return, you will be charged a penalty. The amount of the penalty depends on how late your tax return is and whether or not you owe any tax. Additionally, if you make mistakes on your tax return, you may be charged penalties and interest on any tax you owe.

*** It’s important to make sure you submit information to complete your tax return accurately and on time to avoid any penalties or interest charges. If you’re unsure about how to complete your tax return, you may want to consider hiring an accountant or tax adviser to help you. At Abishel Accounting , we help thousands of people yearly to file their self assessments with HMRC.

Get in touch with us today to start discussing your self assessment journey

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Fungayi Mukosera