If you are self-employed, have income from property rental, investment income of more than £10,000, or you have sold shares or property, then you need to submit a self-assessment tax return to HMRC.
Income Tax is generally taken from your wages (if you are employed) or pension income before it reaches you, but some income isn’t taxed at source (e.g. bank interest, dividends, rental income, etc.). This means that even if you are employed you may need to submit a self-assessment tax return. This even applies to company directors, high earners who claim Child Benefit, have property rental income, or have a second business or income.
Who must submit a tax return?
You might need to complete and submit a tax return if:
- You are self-employed, or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is rented out
- You have income from overseas
- Your household receives Child Benefit, and you have income in excess of £60,000
- You have sold or given an asset away (such as a holiday home or shares)
- You have lived or worked abroad, or do not live in the UK
Want us to complete your tax return?
Our tax experts not only have a wealth of experience in this area, but also have access to the current software and systems, so your tax return can be completed as efficiently as possible.
We can also review your income with you and calculate your likely tax liability at any time, so you can save the maximum money entitled to you.
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). If you choose this service, you will need to inform us, so we can file your return.
How to submit your own return…
If you want to submit your self-assessment form online, you need to set-up a Government Gateway account (if you do not have one already).
To do this, follow the instructions in the letter containing your UTR (see above). If you have submitted self-assessment tax returns before, you will need your UTR to register and create the account. You will only have one UTR throughout your lifetime, so check on previous correspondence from HMRC if you are struggling to find it.
Once you’ve set-up your account you will get an activation code in the post, which you need to complete the creation 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 should save unnecessary stress if your login details are incorrect.
What are the self-assessment deadlines?
You submit tax returns for tax years, not calendar years, and this must be done in arrears. The tax year runs from 6th April one year to 5th April the next.
For untaxed income earned during the a tax year, the online deadline for filing your self-assessment tax return and paying your bill is midnight the following 31 January. For example, tax year 2025-26 needs to be submitted ,and the tax paid for that year, by 31 January 2027.
Self-assessment deadlines
Before the next online tax return deadline comes around, there are several other self-assessment dates 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 is the deadline for making your second ‘payment on account’ instalment to HMRC. This will only apply to you if your total tax liability on income, not taxed at source, in the previous in the previous tax year is more than £1,000.
- 5 October is the deadline for telling HMRC that you’ve become self-employed in that tax year, so that they are 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 is the self-assessment filing deadline, if you choose to file a paper return, rather than completing this activity online. However, most taxpayers find it easier to file their tax return online.
- 30 December is the deadline for filing your online tax return, if you are employed or have pension income and want the tax owed to be collected through PAYE via your tax code. This is only possible if your self-assessment tax bill is below £3,000.
What information will you need to fill in a self-assessment tax return?
If you have never filled in a self-assessment tax return before, it can seem quite daunting. However, once you understand the process, it’s relatively simple, and we are here to help you through the process.
Before you start, make sure you have:
- Your 10-digit Unique Taxpayer Reference (UTR)
- Your National Insurance number
- Details all of your income from the tax year, including income from self-employment, rental properties, 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, and how much tax you have already paid on this
- P11d return of any benefits in kind provided by your employer
- Details of any foreign income – interest, dividends, rent, pensions, etc.
Making Tax Digital for Income Tax
The following changes and rules do not apply if you run your business through a limited company.
From 6 April 2026, every person with gross trading and property income combined over £50,000 per annum will be required to keep digital records of income and expenses, report information quarterly to HMRC and make a final declaration at the end of the year, equivalent to the current Self-Assessment tax return…
From 6 April 2027, those with combined trading and property income over £30,000 per annum will also need to fulfil these requirements.
From 6 April 2028, MTD IT will be mandated for landlords and self-employed individuals with combined trading and property income over £20,000.
Our personal and self-assessment tax expert
Need some help with your personal or self-assessment taxes? Our tax team can guide you through the process, or complete the relevant submissions. We understand that many self-employed people are not financial experts and would rather focus on what they do best. Whatever your requirements, Burton Sweet can tailor our advice to your experience, accounting and self-assessment needs.
It’s never too early to think about your tax return. The last thing you want is to be panicking just before the deadline.
