Self Assessment involves completing an online or paper tax return which informs the HMRC about your profit or loss so that any tax that is due can be calculated.
There are different types of tax return and different 'supplementary pages' you may need to complete depending on your circumstances.
The HMRC set deadlines for sending your tax return in - and penalties and interest charges are charged if the return(s) arrives late.
You can file most tax returns online.
Self Assessment tax return, how do I know if I have to complete one?
If you pay tax on your earnings or pensions through PAYE, your employer deducts tax on behalf of the HMRC and you won't usually need to complete a tax return.
If you have more complicated tax affairs you may need to complete a tax return.
Circumstances in which you will always need to complete a tax return - for example if You’re self-employed, a company director or a trustee or if you have foreign income. |
