Submitting a self-assessment tax return can be daunting, especially if you are doing it for the first time. However, it can be a relatively straightforward process with the right information and resources. Here’s what you need to know about submitting a self-assessment tax return.
Register for self-assessment: Before submitting a self-assessment tax return, you need to register for self-assessment with HM Revenue & Customs (HMRC). You can do this online or by post, and you will need your National Insurance number and personal details. For more information on self-assessment registration, please read our article: How do you register for self-assessment?
Gather your information: Once you have registered for self-assessment, you will need to gather all the necessary information to complete your tax return. This includes:
- Your income from all sources, including employment, self-employment, and investments
- Records of rental income and associated expenses
- Interest, dividends, and investment income statements
- Pension contributions and pension income
- Records of any other income sources
- Details of any expenses you can claim as tax deductions, such as business expenses or charitable donations
- Information about any tax reliefs or allowances you are entitled to claim
- Details of any income received from abroad
- Your P60 form (if you are employed)
- P11D form (if you have received any benefits from your employer)
- Any other relevant paperwork, such as bank statements or receipts
- Work-related expenses (e.g., marketing costs, materials, equipment, etc)
- Home office expenses (e.g. insurance, gas & electricity bills, rent). You can claim a percentage as being used for the business
- Travel expenses (e.g. bus, tube and train costs, mileage). You can claim all transportation costs incurred for business as a business expense
- Professional fees (e.g. professional memberships, accountancy fees)
- Donations made to charities, including details of gift aid
It is advised that you keep these documents for six years in case HMRC conducts an audit and asks to see them to confirm the authenticity of the submitted return.
Use the government portal: The most common way to submit a self-assessment tax return is through the government’s online portal. This portal allows you to complete your tax return, calculate your tax bill, and submit it to HMRC. You will need to set up an online account and provide your personal details and a password to access the portal.
Submit your tax return: Once you have completed your tax return and checked it for errors, you can submit it to HMRC through the government portal. You will need to pay any tax you owe at the same time or set up a payment plan if you cannot pay in full. For more information, please read our article: How do you complete and file a self-assessment tax return?
To submit a self-assessment tax return in the UK, you will need to register for self-assessment, gather all the necessary information, use the government portal to complete your tax return and submit it to HMRC. It’s essential to ensure you have all the required information and check your tax return for errors before submitting it. With these steps, you can successfully submit your self-assessment tax return and fulfil your tax obligations.