What do you need to fill in a self-assessment tax return?

December 15, 2022

Self-Assessment Tax Return 

At first glance, filing the self-assessment tax return seems intimidating. However, this guide is designed to show you a step-by-step guide on how to fill it out correctly. Find out if you are required to fill out a self-assessment. 

Who needs to fill out a self-assessment tax return?

If you fall under any of these categories, you must fill out the self-assessment tax return according to HMRC guidelines if: 

  • Your self-employment income exceeded £1000. 
  • You received over £2,500 (untaxed income) from renting your property.
  • Your savings and investments generated over £10,000 (untaxed income)
  • You must pay Capital Gains Tax because you recently sold a second property or shares. 
  • You are a director of a company that is not a non-profit organisation.
  • You and your partner’s income exceeded £50,000 and you claim Child Benefits. 
  • You receive income from a country abroad that you need to pay tax on, or you live abroad but receive income from the UK. 
  • Your taxable income exceeded £100,000.
  • You made £50,000 in the tax year 2021/22, and made pension contributions; filling out a self-assessment may allow you to claim some tax relief.
  • You are a trustee of a pension scheme or trust. 
  • Your state pension exceeded your personal allowance and was your only income source.
  • You received a P800 from HMRC saying you didn’t pay the right amount of tax last year.

It’s important to note that you do not need to file a self-assessment tax return if your employer has paid your tax through PAYE (Pay As You Earn) software unless your earnings exceed £100,000.

How to register for a self-assessment tax return?

It’s important to note that if you are planning to file a self-assessment tax return for the first time, you must register first. You would need to register at HMRC’s Self-Assessment Registration portal. Once you do, you will receive a (UTR) Unique Taxpayer Reference. You can file your tax assessment via documents (physically) or electronically. If you decided to file the self-assessment tax return online, then follow the instructions on the UTR confirmation letter on how to set up a Government Gateway account. Similarly, if you have filed a self-assessment tax return before, then all you need is to reuse your old UTR.

What are the self-assessment deadlines?

In case you didn’t know this, you submit your tax returns for tax years, not calendar years. 

For instance, the tax year 2022/22 runs from 6 April 2021 to 5 April 2022. You can go to the self-assessment deadlines to find out when are the deadlines for registration and submitting your returns. The dates differ whether you are filing the self-assessment tax return online or not. 

What documents will you need to file your self-assessment tax return?

  • Unique Taxpayer Reference (10-digit number)
  • National Insurance Number
  • Information about any untaxed income within the tax year. This includes self-employment, dividends and interest from shares.
  • Records of any self-employment expenses. 
  • Contributions to charity or pensions that may qualify you for tax relief.
  • P60 or similar records that show your taxed income for the tax year. 

Help sheets about self-assessment by HMRC are available on their website. 

Require Support to Fill Self-Assessment Tax Returns

If you find this process confusing and involving too many documents and deadlines, feel free to reach out to our expert team of accountants. Contact us to file your self-assessment tax return. 

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