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

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. 

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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.

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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.

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How to register for a self-assessment tax return?

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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.

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What are the self-assessment deadlines?

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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. 

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

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• 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. 

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

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Require Support to Fill Self-Assessment Tax Returns

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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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