A Self Assessment tax return can look daunting. But if you’re prepared, organised and understand what you’re being asked for, it’s a lot simpler than it looks. Make sure you understand the form so you can file it correctly and avoid paying any penalties.

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

Yes, if:

• Your self-employment earnings were greater than £1,000 (before subtracting everything you are entitled to claim tax relief for)
• the rent you received from renting out your home exceeded £2,500 (you’ll be required to inform HMRC when it’s in between £1,000-£2,500)
• You made more than £2,500 in income that was not taxed, for instance from commissions or tips
• your your savings and investments was more than £10,000 or more prior to tax
• You are required to you must Capital Gains Tax on profits from the sale of items such as shares or even a second house
• you are a director in the company (unless it’s an non-profit organization like a charity)
• you or your partner’s earnings were greater than £50,000 and you’re entitled to Benefits for children. Benefit
• If you earn money from abroad that you have to pay tax on, or reside in another country but earn an income that is in the UK
• Your taxable income was greater than £100,000
• If you earned more than £50,000 during the tax year and made pension contributions, you may have to submit an assessment in order in order to claim back the additional tax relief you’re entitled to
• you’re a trustee in an trust or a registered pension scheme
• Your State Pension was your sole source of income. It was greater that your individual allowance
• You received a letter from HMRC that said you didn’t pay tax enough the previous year.

National Insurance contributions

You can also file an Self Assessment tax return if you wish to make the voluntary class 2. National Insurance contributions. This will allow you to get benefits like state pensions.

It is not necessary to submit the Self Assessment tax return if you’re an employee that has made tax payments through The Pay As You Earn (PAYE) program. This is the case unless you earn more than £100,000.

How to register for a Self Assessment tax return

If you’ve never filed returns before you’ll need to sign up to take the Self Assessment.

There are a variety of methods to register if you’re self-employed, but not self-employed and must declare your income, or if you’re an association.

After you’ve registered, you’ll be notified of the Unique Taxpayer Reference (UTR).

If you’d like to complete the Self Assessment form online, you’ll need to create an account on the Government Gateway account. To set up this account follow the steps on the form that comes with your UTR.

After you’ve created your account, you’ll receive an activation code within the email. After that, you’ll need to finish the configuration to set up Your Gateway account.

If you’ve previously submitted Self Assessment tax returns before you’ll require to previous UTR to sign up and open the account.

It is recommended to ensure you have access to your Gateway account prior to attempting to complete the Self Assessment. This can save time if in any way you are unable to log in.

What are the Self Assessment deadlines?

You submit tax returns for tax years, not calendar years. And you do this in arrears.

For instance for the 2022/23 tax year, which runs from 6 April 2022 through 5 April 2023 will:

• You must sign up to participate in Self Assessment by 5 October 2023, if you’ve never filed your return prior to that date.
• complete your tax return by midnight, 31 October 2023 if you are you are filing your tax return on paper
• File your tax return by midnight on January 31, 2024 if you are you are filing online
• You must pay the tax due before midnight on January 31, 2024.

If you don’t meet any times, these dates are due. You may be liable for a penalty as well as interest on late payments.

What information will I need to fill in a Self Assessment tax return?

If you’ve never filed an self assessment tax return prior to it might seem a bit intimidating. If you’re familiar with the process, it’s easy, provided that you have all the data that you need.

Before you start, be sure you’ve got the following:

• your ten-digit Unique Taxpayer Reference (UTR)
• Your National Insurance number
• Information on your income that is not taxed from the tax year such as self-employment earnings, dividends, and interest on shares
• the records of any expenses related to self-employment
• any donations to charities or pensions which could be tax-deductible
• P60 or any other record that shows how much you earned on which you’ve already paid taxes on.

It’s an excellent idea to go through the relevant HMRC help sheets, specifically on the additional sections (called extra pages) which relate to the reason you’re filling in your Self Assessment tax return