If you receive income in the UK outside of your regular employment (income on which tax has not already been deducted), you may be required to submit a Self Assessment tax return to HM Revenue & Customs (HMRC). This article explains who needs to file, the key deadlines, and what happens if you miss them.
Who Needs to File a Self Assessment
You’ll usually need to complete a Self Assessment tax return if any of the following apply:
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You are self-employed (sole trader) with income above the trading allowance.
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You receive rental income from property.
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You receive untaxed income, such as dividends, interest, or foreign income.
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You are a company director (unless your income is solely via PAYE and you have no other untaxed income).
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You have capital gains or sell assets that may lead to a tax liability.
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HMRC has sent you a notice to file, even if you believe you do not owe any tax.
Even if you made little or no profit, or owe minimal tax, you may still be required to file.
Key Deadlines
For each tax year (running from 6 April to 5 April), you must keep in mind the following dates:
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5 October: Deadline to register for Self Assessment if it’s your first time.
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31 October: Deadline for submitting a paper tax return.
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31 January: Deadline for submitting an online tax return and paying any tax owed.
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31 January: First “payment on account” due (for eligible taxpayers).
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31 July: Second “payment on account” due.
What Happens If You Miss a Deadline
Missing deadlines for registration, filing, or payment can result in penalties. An automatic penalty is issued if you file late, and the longer the delay, the higher the penalty. Interest is also charged on any unpaid tax.
How Lucas Prestige Accountants Can Help
At Lucas Prestige Accountants, we help clients manage every stage of the Self Assessment process. Our services include:
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Advising on whether you need to register
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Assisting with gathering the right documentation
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Preparing and filing your return accurately and on time
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Managing payments on account and balancing payments
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Ensuring compliance to avoid penalties
If you think you might need to file a Self Assessment or want reassurance that everything is handled correctly, get in touch with us today. Taking action early can save you stress and ensure complete peace of mind.