Self-assessment is the method employed by HMRC to gather Income Tax and National Insurance contributions from individuals who are self-employed, as well as those who receive unreported taxable income from various sources. This includes individuals holding positions such as limited company directors, shareholders, and members of limited liability partnerships (LLPs). Through the self-assessment process, taxpayers are required to report their income, gains, and other relevant financial information, enabling HMRC to calculate the appropriate amount of tax and National Insurance owed.
For the year 2022/23 the tax return filing deadline is midnight on 31st January 2024. To save yourself from tax return penalty, any National Insurance and income tax due for the year 2022/2223, must be paid by 31st January 2024.
You also have the option to file a tax return by post in case you do not know how to file tax returns online. Filing a self-assessment tax return online is a much easier and quicker option.
How to Register for Self-Assessment?
You must be registered for Self Assessment tax return when you file your first tax return. If you did not sent tax return online last year, you need to register (in case if you have submitted tax return through post) HMRC will send you a letter to your registered address containing 10 digit Unique Taxpayer Reference (UTR) number with in 10 working days or 21 days.
You must then:
- make an online account
- use your UTR to sign up for the Self Assessment online service
HMRC will send you an activation code to your registered address with in 7 working days or 21 days if it is outside UK. Use this code with your UTR for sign in to your account and filing your tax return online.
How To File Self Assessment Tax Return?
From below two ways you can use any one to file Self Assessment tax return (form SA100) with HMRC:
- Complete & submit form SA100 online
- Download & complete form SA100 by hand and submit by post
The fastest and easiest way to send a Self Assessment tax return online. You also get extra three months to file an online return and it is much easier way for making amendments.
