Some Tips to Prepare for your Self Assessment Tax Return

26/11/2023

Do I need to fill in a Self Assessment tax return?

You need to fill your self assesment tax return if...

Your self-employment income was more than £1,000
Your income from renting out property was more than £2,500
You earned more than £2,500 in untaxed income, for example from tips or commission
Your income from savings or investments was £10,000 or more before tax
You need to pay Capital Gains Tax on profits from selling things like shares or a second home
You're a director of a company
You, or your partner's, income was over £50,000 and you're claiming Child Benefit
You have income from abroad that you need to pay tax on, or you live abroad but have an income in the UK
Your taxable income was over £100,000

Register for a Self Assessment tax return and Get an Online Account and UTR Number

· What are the Self Assessment deadlines?

5 April: This is the end of the UK tax year, and time to gather all your financial information for the year.
5 October: If you're new to self-assessment or need to register for self-assessment tax, this is the deadline for notifying HMRC.
31 October: If you want HMRC to calculate your tax bill and send it to you, you can file a paper tax return by this date.

The following tax year:

31 January (financial year end): This is the big one! It's the deadline for filing your return and for paying any tax you owe. It's also the deadline for the first payment on account for the next tax year.
5 April: This is the start of the new tax year, and it's the date by which you should make the second payment on account for the next tax year.
31 July: If you still owe tax after the two payments on account, this is the deadline for making a balancing payment.
5 October: If you missed the previous July deadline and didn't complete your previous year's tax bill, you'll need to pay interest on the outstanding balance.

Gather Key Information and Relevant Documents