What is a Self Assessment Tax Return?
A Self Assessment tax return is a form submitted to HMRC each year to declare your income and calculate how much Income Tax and National Insurance you owe. Unlike employees taxed through PAYE, self-employed individuals, landlords, and anyone with untaxed income must report it themselves directly to HMRC.
Who Needs to File a Self Assessment Tax Return?
You are required to complete a Self Assessment return if any of the following apply to the current tax year (6 April to 5 April):
- You are self-employed or a sole trader with trading income over £1,000
- You have rental income from UK or overseas property
- You have untaxed income — dividends, savings interest, or foreign earnings
- You are a company director
- You or your partner received Child Benefit and either of you earned over £50,000
- You have capital gains to declare from property or investments
What is the Self Assessment Tax Return Deadline?
The online filing deadline is 31 January following the end of the tax year. Missing this date results in an automatic £100 HMRC penalty, rising further the longer the return remains unfiled. Tax2u files well ahead of the deadline to protect you from any late-filing charges.
Self Assessment and Making Tax Digital (MTD)
Making Tax Digital for Income Tax is being phased in, requiring digital record-keeping and quarterly updates to HMRC for self-employed individuals and landlords above the threshold. Tax2u is fully MTD-ready. For more detail, visit our Making Tax Digital page.