What is a Self-Assessment?

Self-Assessment submissions and when they are required

It is a system used by HMRC, for individuals to report their income, expenses, and other relevant financial information in order to calculate and pay their tax and national insurance liabilities. The tax return must be submitted to HMRC by the deadline, which is usually 31st January following the end of the tax year for online submissions (or 31 October for paper submissions).

You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:

• You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
• You were a partner in a business partnership
• You had a total taxable income of more than £100,000 (tax year 2022/ 2023) *
• You had to pay the High Income Child Benefit Charge
  
  

* For the 2023 to 2024 tax year onward customers  must still file a tax return if their  PAYE income is below £150,000 and they meet another criteria point listed above

You may also need to send a tax return if you have any untaxed income, such as:

• Some COVID-19 grant or support payments
• Money from renting out a property
• Tips and commission
• Income from savings, investments and dividends
• Foreign income
• State Pension payments over your Personal Allowance
• Dividend income
• Gains from selling assets 

Individuals must accurately report their income and expenses on their self-assessment tax return and pay their tax liabilities on time to comply with UK tax laws and avoid penalties.

We include self-assessments as part of some of our accountancy services, and can also offer this as a standalone option for additional shareholders. 

Get in touch to find out more:

📞 01179 297 683 - Option 1

📧 sales@nasaconsulting.com

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