Self-Assessment Tax Returns are required for individuals and businesses in the UK who need to report their income to HMRC (HM Revenue & Customs). Filing your tax return accurately and on time ensures compliance and helps avoid penalties.
Who Needs to File a Self-Assessment Tax Return?
You must submit a Self-Assessment Tax Return (SA100) if you are:
✅ Self-employed as a sole trader earning over £1,000 per year
✅ A partner in a business partnership
✅ A director of a company (if untaxed income applies)
✅ A landlord earning rental income
✅ A person with foreign income or capital gains
✅ Someone earning over £100,000 in annual income
Key Deadlines for Self-Assessment
📌 Paper Tax Return Deadline: 31st October (for the previous tax year)
📌 Online Tax Return Deadline: 31st January
📌 Tax Payment Deadline: 31st January (for any tax owed)
How to File Your Self-Assessment Tax Return
1️⃣ Register with HMRC – If it’s your first time, register online to get a Unique Taxpayer Reference (UTR).
2️⃣ Gather Financial Information – Include income, expenses, pensions, investments, and any tax reliefs.
3️⃣ Use HMRC’s Online System or Software – Submit your tax return online via HMRC’s website or MTD-approved accounting software.
4️⃣ Pay Any Tax Owed – Ensure you make the necessary payments by the due date.
Common Allowances & Tax Deductions
- Personal Allowance – Earn up to £12,570 tax-free (for 2024-25).
- Business Expenses – Claimable costs include office supplies, travel, and marketing.
- Pension Contributions & Charity Donations – Reduce your taxable income.
Penalties for Late Submission
❌ Missed Deadline: £100 fine (even if no tax is due)
❌ 3 Months Late: Additional daily penalties apply
❌ 6 Months Late: 5% of unpaid tax added
Need Help with Your Tax Return?
Filing a Self-Assessment Tax Return can be stressful, but BB Accountancy is here to help! We ensure accurate submissions, maximize deductions, and help you stay compliant with HMRC.