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Self Assessment

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A self-assessment tax return is a form that business owners, landlords, CIS Contractors and higher-rate taxpayers must send HMRC annually to report their earnings from all sources. Tax is calculated based on total income; recognition is given for any tax paid and deducted at source.

A self-assessment covers earnings in one tax year, from April 6th to April 5th each year.

You’ll need to complete a Self- Assessment tax return if:

  • You’re self-employed
  • You’re the director of a Limited company
  • You earn over £150,000
  • You earn over £50,000 and claim child benefit
  • You earn foreign income over £2,000
  • You earn income that has not been taxed

Filing deadlines

The deadlines for filing your return are:
  • October 31st for paper returns
  • January 31st for online returns
  • January 31st for balancing payments for the last tax year, and first payments on account for the current tax year.
  • July 31st for second payment on account deadline

HMRC penalties

Penalties for late filing start from £100, effective when your return becomes overdue. The longer you take to file your return, the more the penalty will be. Late filing penalties are not usually waived, even if no tax is due.

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