What is self-assessment?
Self-assessment is the system by which HM Revenue and Customs (HMRC) collects income tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it through self-assessment. It can be submitted online or through the post using a paper version of the form.
Who needs to register for self-assessment?
There are many types of income that people receive that may mean they need to register and if you have been self-employed (including being in a partnership) or a Company Director you must register.
How do I register?
There are different ways to register depending on whether you are:
- a sole trader
- not self-employed
- registering a partner or partnership
Chat live with a Business Advisor to find out ways you can register for self-assessment.
When do I need to submit my self-assessment?
If you are submitting a paper return, it must reach HMRC on the 31st October. If you submit your tax return online you have until midnight on the 31st January.
What happens if I miss the deadline?
You will get a penalty of £100 if your tax return is up to 3 months late. You will have to pay more if you submit it later than this or make the payment late.