If you’re self-employed, receive untaxed investment income such as rent, or have realised a capital gain you will need to file a self-assessment tax return. Self Assessment is how HMRC gathers tax from individuals and companies with those earnings.
Income Tax is typically taken out of your wages or pension earnings (if you are employed) before it reaches you, but some earnings aren’t taxed at source. This means that even if you are employed, you may need to submit a self-assessment tax return. For example, company directors or high earners claiming Child Benefit, or those renting a property or having a second business.
Do I need to submit a tax return?
You may need to submit a tax return if you:
- are self employed or a partner in a partnership
- are a company director
- have large amounts of savings or investment income
- have untaxed savings or investment income
- own land or property that is rented out
- have income from overseas
- your household receives Child Benefit and you have income in excess of £50,000
- have sold or given an asset away (such as a holiday home or some shares)
- haveve lived or worked abroad or aren’t domiciled (live) in the UK
Let us complete your tax return
Our tax experts have access to the most current software and systems to complete your tax return as efficiently as possible.
We can also review your income with you and calculate your potential tax liability at any time. This helps you plan for your eventual tax bill and avoid any last minute surprises. (We all like surprises – but not that sort!)
If you’ve never submitted a return before, you will first need to register for Self Assessment on the GOV.UK website.
Once you have registered, you will be sent your Unique Taxpayer Reference (UTR). You need to let us know this so we can file your return.
Doing your own tax return
If you want to submit your Self Assessment form online, you also need to set up a Government Gateway account.
To do this, follow the instructions in the letter containing your UTR. If you have submitted Self Assessment tax returns before, you will need your existing UTR to register and set up the account.
Once you’ve set up the account, you will get an activation code in the post, which you need to complete the set-up of your Gateway account.
It’s best to make sure you can access your Gateway account before you try and submit your Self Assessment, just in case you can’t log in. This is definitely not a setp you should be leaving until 31st January!
What are the Self Assessment deadlines?
You submit tax returns for tax years, not calendar years, and you do this in arrears. This is because our tax year runs from 6 April one year to 5 April the next.
For the 2021-22 tax year, the online filing deadline for your Self Assessment tax return and paying your bill is midnight 31 January 2023.
Self Assessment deadlines in 2022
Before the next online tax return deadline comes around, there are several other Self Assessment dates in 2022 to bear in mind. It’s unlikely that all of them will be relevant to you. Please make sure you understand which ones apply so that you don’t miss any important deadlines.
- 31 July 2022 is the deadline for making your second ‘payment on account’ instalment to HMRC. This will only apply to you if you submitted a tax return for 2020/21 and you owed tax of over £1,000 when you submitted your tax return for that year.
- 5 October 2022 is the deadline for telling HMRC that you’re self-employed so that they’re aware you need to complete a tax return next year. If you’re already registered as self-employed, there’s no need to do this again.
- 31 October 2022 is the Self Assessment deadline for the tax year 2021/22 if you want to file a paper return rather than filing online. However, most businesses find it easier to file their tax return online – and under the government’s Making Tax Digital plans, eventually paper filing may not be an option.
- 30 December 2022 is the deadline for filing your online tax return if you want the tax owed to be collected through PAYE via your tax code. This is only an option if you have some income that’s already taxed through PAYE (e.g. if you’re employed as well as self-employed), and if your Self Assessment tax bill for 2021-22 is below £3,000.
Self-employed income earned after 5 April 2021
Your earnings after 5 April 2021 fall into the tax year 2021-22, which ends on 5 April 2022.
The deadline for filing a 2021-22 Self Assessment tax return will be midnight on 31 January 2023. It’s a good idea to keep an eye on Making Tax Digital announcements in case there are any updates.
If you fail to meet one or more of these deadlines, you might be charged a penalty.
How do I fill out a self assessment?
It can be very daunting if you’ve never filled in a self-assessment tax return before. However, once you understand the process, it’s relatively simple, and we are here to help you through the process.
What information will I need?
Before you start, make sure you have:
- your 10-digit Unique Taxpayer Reference (UTR)
- your National Insurance number
- details of your untaxed income from the tax year, including income from self-employment, property rents, dividends and interest on shares
- records of any expenses relating to self-employment and let property
- any contributions to charity or pensions which might be eligible for tax relief
- P60 or other records showing how much income you received which you’ve already paid tax on
- P11d return of any benefits in kind provided by your employer
- Details of any foreign income – interest, dividends, rent, pensions, etc
Our Personal Tax and Self Assessment Expert
Alison Tideswell is our personal tax and self-assessment expert who can guide you through the process or do everything for you. She understands that many self-employed people are not financial experts and can tailor her advice to your accounting and self-assessment needs.
You can get in touch by pressing the button below or filling out a contact form below.