Understanding Your Methods For Filing Self Assessments

A Self Assessment is HMRC’s way of finding out how much Income Tax and National Insurance you need to pay on any income which isn’t taxed at source. With the 2024/25 tax year underway, it’s important under Self Assessment to file a tax return for a tax year that includes all your taxable income for the year, including your capital gains as well.

The general rule is anyone who receives an income that isn’t taxed at source needs to complete a Self Assessment. From this process, you can then ‘self-assess’ everything you owe by calculating your tax position for the tax year as well as pay any further amounts due to HMRC. This can include income tax, capital gains tax, class 2 and 4 National Insurance contributions (if you are self-employed) and student loan repayments.

Methods for filing your tax return

Self Assessments can be filed either online or on paper, depending on your preference. With filing your tax return online, you usually have longer to do it. You can file online using HMRC’s online portal, or using third-party commercial software. The HMRC encourages its online Self Assessments services as questions can be answered quickly online, saving you time on the phone. Here’s what you can do online:

• Register for Self Assessment using a quick and easy tool.
• Check if you need to file a return and, if not, inform HMRC.
• Find answers to common questions like:
  – Do I still need to file a return?
  – What’s the status of my registration?
  – What’s happening with my repayment?

Remember that while HMRC’s helpline is still available, the online self-service is a much faster and convenient option for many. Source: GOV.UK 

Who needs to complete a Self Assessments tax return?

Anyone who may need to file a Self Assessment tax return include:

• Self-employed individuals who have earned gross income over £1,000.
• If you are self-employed and earned up to £1,000 and wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.
• A partner who is in a business partnership.
• If you had a total taxable income of more than £150,000.
• If you have received any untaxed income including pension income over £2,500.
• Received income from property that you own and rent out.
• Received dividends payments of more than £1,000.
• Received income over £1,000 from trading or providing services online.

For more information, visit GOV. UK.

When do you need to file a Self Assessment?

Self Assessments need to be filed by 31st January after the end of the tax year it applies to. Failure to do so will result in penalties or fines from HMRC.

Getting help

If you are interested in filing a Self Assessment tax return, then please contact us for help. Or you can visit our website for more information.