Understanding Self-Assessment Tax Return Filing
A Self Assessment tax return is a system by which the UK government collects tax. If you're self-employed, earn income from property rental, or have other income that's not taxed at source, you need to report this income to HM Revenue and Customs (HMRC) by completing a Self Assessment tax return. This system allows you to declare all your taxable income, calculate what you owe, and pay your tax bill. It's essentially a way of paying tax on income that's not already taxed through the Pay As You Earn (PAYE) system.
What are the necessary details I should gather to complete a Self Assessment tax return?
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your Unique Taxpayer Reference (UTR) which is a ten-digit number
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your National Insurance number
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information about your untaxed income for the tax year, which could include income from self-employment, dividends, and share interest
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documentation of any self-employment related expenses
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any contributions made to charities or pensions that could qualify for tax relief
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a P60 or other documents that show the amount of income you've received and already paid tax on.
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If you're new to Self Assessment, you need to register by October 5, 2023, for the 2022/23 tax year (which runs from April 6, 2022, to April 5, 2023).
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If you're filing a paper tax return, it needs to be submitted by midnight on October 31, 2023.
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If you're filing online, you have until midnight on January 31, 2024, to submit your return.
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The tax you owe for the 2022/23 tax year also needs to be paid by midnight on January 31, 2024.
Deadlines
Our Services Include
Our service includes assistance in self-assessment registration, meeting tax filing deadlines, maintaining and managing of personal tax records, providing advice regarding tax return filing, minimizing tax liabilities, advice on tax refunds in case of overpayment, preparation of SA302, SA100 forms including HMRC submission.