Self Assessment tax return can look daunting. But if you’re prepared, organised, and understand what you’re being asked for, it’s a lot simpler than it looks. You can begin working on your tax return from the 6th of April following the end of the tax year…we will absolutley recommend you start as soon as possible, esepcaly if you are working on this for first time. You submit tax returns for tax years, not calendar years. And you do this in arrears. For example, for the 2021/22 tax year – running 6 April 2021 to 5 April 2022 – you would:
- need to register for Self Assessment by 5 October 2022 if you’ve never submitted a return before
- submit your return by midnight 31 October 2022 if filing a paper tax return
- submit your return by midnight 31 January 2023 if filing online
- pay the income tax you owe by midnight 31 January 2023.
If you fail to meet one or more of these deadlines, you might be charged a penalty fee and interest on late payments.
You will need to file Self Assessment Tax Return if :
- your self-employment income ( money received ) was more than £1,000 (before taking off anything you can claim tax relief on)
- your income from renting out property was more than £2,500 (you’ll need to contact HMRC if it was between £1,000 and £2,500)
- you earned more than £2,500 in untaxed income, for example from tips or commission
- your income from savings or investments was £10,000 or more before tax
- you need to pay Capital Gains Tax on profits from selling things like shares or a second home
- you’re a director of a company (unless it was a non-profit organisation, such as a charity)
- you, or your partner’s, income was over £50,000 and you’re claiming Child Benefit
- you have income from abroad that you need to pay tax on, or you live abroad but have an income in the UK
- your taxable income was over £100,000
- if you make pension contributions you can claim back the extra tax relief you’re owed
- you’re a trustee of a trust or registered pension scheme
- your State Pension was your only source of income and was more than your personal allowance
- you received a P800 from HMRC saying you didn’t pay enough tax last year.
- You can also fill in a Self Assessment tax return if you want to make voluntary Class 2 National Insurance contributions. This will help you qualify for benefits such as the State Pension.
You usually don’t need to fill in a Self Assessment tax return if you’re an employee who has paid tax through the Pay As You Earn (PAYE) system. This is unless you earned over £100,000.
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