Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return.
You must send a tax return if, in the last tax year (6 April to 5 April), you were:
- self-employed as a ‘sole trader’ and earned more than £1,000
- a partner in a business partnership
You will not usually need to send a return if your only income is from your wages or pension. But you may need to send one if you have any other untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
Registering and sending a return
You need to register if you did not send a tax return last year. There are different ways to register if you’re:
- self-employed or a sole trader
- not self-employed
- registering a partner or partnership
If you’re new to Self Assessment, you’ll need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
Sending your return
Once you’ve registered, you can send your tax return online, or use commercial software or paper forms. You then have to pay your bill by the deadline.
The deadline for paper forms is 31 October (or 31 January if you’re a trustee of a registered pension scheme or a non-resident company).
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