Overview
Self Assessment brings together taxable income, gains, reliefs and payments for a tax year ending 5 April. The information may include employment, dividends, self-employment, property, pensions, foreign income and capital gains. HMRC may not already know every figure.
Who this applies to
Individuals required to file a tax return, including many directors, landlords, sole traders, partners and people with untaxed income or gains.
Key points
- Register when first required rather than waiting for January.
- Payments on account are advance payments towards the following year.
- Keep evidence for income, expenses, gains and relief claims.
- Foreign income and residence issues can require specialist review.
Important dates and deadlines
The normal paper filing deadline is 31 October after the tax year and the online deadline is 31 January. The balancing payment and first payment on account are normally due 31 January, with a second payment on account due 31 July where applicable.
Practical checklist
- Collect P60s, P11Ds and pension statements.
- Summarise business and property records.
- Obtain dividend and interest information.
- Identify disposals of assets.
- Review pension, gift aid and other reliefs.
- Approve and pay before the deadline.
Frequently asked questions
Do all directors file a tax return?
Not solely because they are directors; the requirement depends on their tax circumstances and any notice issued by HMRC.
Can payments on account be reduced?
They may be reduced where the next liability is genuinely expected to be lower, but interest can arise if reduced too far.
How Accountants4All can help
Support matched to your circumstances
Accountants4All can determine whether a return is required, request records through the portal, prepare the return and explain the payment position.
Official sources and further reading
This page is general guidance and does not create an adviser/client relationship. Tax rules and official guidance can change. Use the official sources above and obtain advice based on your circumstances.
Read the full tax disclaimer