| What is Self Assessment? | | | | need to complete a Self Assessment Tax Return. |
| Self assessment enables an individual to prepare | | | | Normally HMRC will inform you if you need to |
| details of their incomes and relief’s for HMRC. | | | | complete one. However they can’t inform you if |
| HMRC will then calculate the tax liability based on | | | | you have not completed the appropriate forms |
| these figures. These figures will not be checked until | | | | necessary to make them aware of your |
| later in the tax year. However tax law is vast and | | | | circumstances. Generally speaking an individual or |
| confusing so it is always best to instruct an accountant | | | | partnership will need to complete a Self Assessment |
| to prepare this on your behalf to ensure you don’t | | | | Tax return if income is received that does not have |
| end up paying too much tax or too little. Also HMRC | | | | tax deducted at source or if they are a director of a |
| can impose penalties if you provide incorrect or | | | | Company. However even if all your income is taxed at |
| fraudulent information. The first Self Assessment tax | | | | source, you may still be required to complete a Tax |
| return was issued in April 1997. The Self Assessment | | | | Return. You should contact an accountant if you are |
| tax return is made up of a basic core return together | | | | unsure. |
| with separate supplementary pages - which ones you | | | | More information on Self Assessment can be found in |
| get will depend on your circumstances and the type of | | | | a free Online Accountant Knowledge Bank. |
| income you receive. | | | | Alternatively, for up to date information and advice, |
| Do I need to complete a Self Assessment Tax | | | | based on your specific circumstances, contact an |
| Return? | | | | online accountancy firm. |
| A wide range of individuals in varying circumstances | | | | |