Frequently Asked Questions
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A self-assessment tax return is a system in the UK managed by HMRC (Her Majesty’s Revenue and Customs) for individuals to report their income and calculate their tax liabilities. It’s primarily used by the self-employed, freelancers, and those with other income sources. The process involves completing a tax return each year, detailing your income and expenses, to ensure the correct amount of tax is paid.
To show self-assessment tax, you need to complete a tax return form, either online or on paper. This form should include details of your income, as well as any allowable deductions or reliefs. Once completed, this form is submitted to HMRC, either by yourself or through a professional accountant. HMRC then uses this information to calculate your tax liability.
Filling in a Self Assessment tax return involves several steps. First, you need to register for Self Assessment with HMRC, if you haven’t done so already. Then, you gather all necessary financial records for the tax year, including income and expenses. You fill in the tax return form, either online or on paper, providing details about your income, expenses, and any tax reliefs or allowances you’re claiming.
