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What is a Self-Assessment tax return?
A self-assessment tax return is a form that business owners, landlords, CIS Contractors and higher rate tax payers need to send HMRC annually to report their earnings from all sources. Tax is calculated based on total income, and recognition is given for any tax paid and deducted at source.
A self-assessment covers earnings in one tax year, which is the period running from the 6th of April to the 5th of April each year.
You’ll need to complete a Self-Assessment tax return if:
You’re the director of a Limited company
You earn over £100,000
You earn over £50,000 and claim child benefit
You earn foreign income over £2,000
You earn income that has not been taxed
The deadlines for filing your return are:
October 31st for paper returns
January 31st for online returns
January 31st for balancing payments for the last tax year, and first payments on account for the current tax year.
Penalties for late filing start from £100, effective from the moment your return becomes overdue. The longer you take to file your return, the more the penalty will be. Even if no tax is due, late filing penalties will not usually be waived.