Self Assessment Tax Return Services
Usually HMRC will inform you with a ‘notice to file’ in the post if you’re required to send an SA100. You also have to register with HMRC for Self Assessment and notify them of your new tax liability by 5th October following the end of the tax year in which the income or gains first began, otherwise penalties may be applicable.
How do you complete a Self Assessment Tax Return?
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. This is because HMRC requires a huge amount of personal financial information in order to process your assessment.
Register for self assessment
First of all, you need to register for Self Assessment at GOV.UK. You’ll then be sent your Unique Taxpayer Reference (UTR), one of the many pieces of information you’ll need to complete the process. Other data includes your National Insurance Number, P60 or other records showing how much income you received that you’ve already paid tax on, records of any expenses relating to self-employment – the list goes on.
Therefore, it’s unsurprising that a Self Assessment tax return can feel very daunting for many. If you feel overwhelmed and are not sure where to start, reach out to a professional accountants to guide you through the process.