Free Guide To Self-Assessments
Navigating Self-Assessment tax returns can be daunting, especially if you're unsure about the process. To help you understand your obligations, we've compiled a list of frequently asked questions about Self-Assessments. To make the process even easier, download our Free Guide To Self-Assessments!
Self-Assessment FAQ
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A self-assessment is a system used by HMRC to collect income tax. Under this system, individuals and businesses are responsible for reporting their income and calculating the amount they owe.
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What is a Self-Assessment?
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Who Needs To File A Self-Assessment Tax Return?
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Self-employed individuals, partners in a business partnership, company directors, individuals with income from savings, investments, dividends or rental property, those with foreign income, individuals who earn more than £100,000 in the tax year, and individuals with taxable income that was not taxed at source.
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How Do I Register For Self-Assessment?
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You can register through the HMRC website. You’ll need to create a Government Gateway Account if you don’t already have one.
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​What Information Do I Need To Complete My Tax Return?
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You will need your UTR number, National Insurance Number, details of all income including employment, self-employment, dividends, rental income and savings, records of allowable expenses, records of any tax relief or allowances claimed, P60, P45 or P11D forms if applicable.
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How Can I Pay My Tax Bill?
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You can pay your self-assessment tax bill by direct debit, bank transfer, debit or credit card, at your bank or building society, or by cheque through the post.
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Can I Amend My Tax Return After Submission?
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Yes, you can make changes to your tax return up to 12 months after the filing deadline.
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What is a Unique Taxpayer Reference (UTR)?
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A UTR is a 10-digit number that HMRC assigns to you or your business when you register for Self-Assessment.