Individual Self Assessment

What is self assessment?

Income tax is often deducted “at source” on wages, salaries, pensions and savings, this means it’s taxed before you receive it.

People and businesses with “other income” report their tax payable to HMRC via a self-assessment tax return.

Who needs to do it?

If you have income you need to report to HMRC in a self-assessment tax return, you need to register for self-assessment with HMRC.

There are different ways to register depending on the reason for your registration. You can set up an online “Personal Tax Account” with HMRC – here you can view a wealth of information about your personal taxes.

Some of the reasons you might need to submit a self-assessment tax return are;

• You are self employed
• You are in a partnership*
• You have received dividends
• You are a company Director
• You have income from rental property

* Depending on the type of partnership you have, you may need to prepare and submit a Partnership Tax Return (SA800) to HMRC in addition to your personal tax return.

When do I need to do my self assessment?

The tax year runs 6th April to 5th April

If you need to submit a self-assessment tax year for yourself or for a partnership, the deadline for online submission, and for payment of any tax due, is 31st January after the end of the tax year.

For example, you began a sole trader business in November 2021. This means you had income from self-employment in the tax year 6th April 2021 to 5th April 2022. You would need to submit a tax return for the 21/22 tax year and that would be due to HMRC, along with any tax payable, by 31st January 2023.

Sometimes, you will be required to make payments on account towards your current year’s tax bill. You can find out more about the payment on account system on our Resources page.