What is Self Assessment?
Self assessment enables an individual to prepare details of their incomes and relief’s for HMRC. HMRC will then calculate the tax liability based on these figures. These figures will not be checked until later in the tax year.  However tax law is vast and confusing so it is always best to instruct an accountant to prepare this on your behalf to ensure you don’t end up paying too much tax or too little. Also HMRC can impose penalties if you provide incorrect or fraudulent information. The first Self Assessment tax return was issued in April 1997. The Self Assessment tax return is made up of a basic core return together with separate supplementary pages - which ones you get will depend on your circumstances and the type of income you receive.
Do I need to complete a Self Assessment Tax Return?
A wide range of individuals in varying circumstances need to complete a Self Assessment Tax Return. Normally HMRC will inform you if you need to complete one. However they can’t inform you if you have not completed the appropriate forms necessary to make them aware of your circumstances. Generally speaking an individual or partnership will need to complete a Self Assessment Tax return if income is received that does not have tax deducted at source or if they are a director of a Company. However even if all your income is taxed at source, you may still be required to complete a Tax Return. You should contact an accountant if you are unsure.
More information on Self Assessment can be found in a free Online Accountant Knowledge Bank. Alternatively, for up to date information and advice, based on your specific circumstances, contact an online accountancy firm.
Self assessment enables an individual to prepare details of their incomes and relief’s for HMRC. HMRC will then calculate the tax liability based on these figures. These figures will not be checked until later in the tax year.  However tax law is vast and confusing so it is always best to instruct an accountant to prepare this on your behalf to ensure you don’t end up paying too much tax or too little. Also HMRC can impose penalties if you provide incorrect or fraudulent information. The first Self Assessment tax return was issued in April 1997. The Self Assessment tax return is made up of a basic core return together with separate supplementary pages - which ones you get will depend on your circumstances and the type of income you receive.
Do I need to complete a Self Assessment Tax Return?
A wide range of individuals in varying circumstances need to complete a Self Assessment Tax Return. Normally HMRC will inform you if you need to complete one. However they can’t inform you if you have not completed the appropriate forms necessary to make them aware of your circumstances. Generally speaking an individual or partnership will need to complete a Self Assessment Tax return if income is received that does not have tax deducted at source or if they are a director of a Company. However even if all your income is taxed at source, you may still be required to complete a Tax Return. You should contact an accountant if you are unsure.
More information on Self Assessment can be found in a free Online Accountant Knowledge Bank. Alternatively, for up to date information and advice, based on your specific circumstances, contact an online accountancy firm.
SHARE
