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