Self-Assessment Tax returns

A Self-Assessment Tax Return is a document that individuals must complete and submit to the HM Revenue and Customs (HMRC) to declare their income, expenses, and tax liabilities for a specific tax year. The form is used to calculate the amount of tax an individual is required to pay or any tax refund they may be entitled to.

The Self-Assessment Tax Return is typically completed by self-employed individuals, business partners, or directors of companies. It can also be used to report other sources of income, such as rental income, investment income, or foreign income.

You must complete a Self-assessment tax return if you are self-employed or have multiple sources of income. The form requires you to provide detailed information about your income, including employment income, self-employment income, and other taxable sources.

Once the Self-Assessment Tax Return is completed, it must be submitted to the HMRC by the filing deadline, which is usually on or before January 31st following the end of the tax year. Late submissions may result in penalties and interest charges.

You must complete a self-assessment tax return if any of the following apply to you:

• Self-Employed or a Sole Trader
• Directors of a Limited Company
• You earn more than £100,000 per year
• You are a landlord receiving income from properties
• You have investments
• You receive income from overseas

Completing a Self-Assessment Tax Return can be complex, so many individuals choose to seek the assistance of a tax accountant to help them accurately complete the form.

Under new requirements for Income Tax Self-Assessment, individuals who are subject to income tax on the profits of their business (or properties if a landlord) will be required to keep their accounting records electronically (using software or on spreadsheet) and file quarterly returns to HMRC. A final declaration will then be submitted after the tax year is completed.

The timing of tax payments will not change and will remain as the January 31st deadline after the tax year has passed. It is just the frequency of reporting that

You can check here to see if you fall under these new requirements: