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Self Assessment

What is self assessment?

Self-assessment is used by HMRC to calculate the amount of income tax that you owe.

Tax is usually deducted by your employer from your wages via PAYE, or automatically from your pension or savings, but you need to report any other income that you receive in the form of a self-assessment tax return once per year.

Who has to complete a self assessment?

Generally speaking, if you're self-employed, you'll need to submit a self assessment tax return for each year that you're self-employed in order to pay income tax and National Insurance on your profits.

Other people who need to fill in a self assessment tax return include anyone who:

  • Claims child benefit if your or your partner's income exceeds £50,000

  • Receives taxable income from abroad or lives abroad and receives an income in the UK

  • Receives a state pension that exceeds their personal allowance (and it's their only source of income)

  • Is a partner in a partnership or the director of a limited company (that isn't wholly paid through PAYE)

  • Earned £100,000 or more last year as an employee or pensioner

  • Earned £2,500 or more in untaxed income such as tips or commission

  • Earned £10,000 or more from investment income or savings interest

For a full list of who should complete a self assessment, please click here to be directed to the .gov website.

If you are a director of a limited company then you'll also have to file a Company Tax Return with HMRC and Annual Accounts with Companies House.

How do I register for self assessment?

Head on over to our "Register as Self Employed" page for a quick guide on how to register for self assessment.

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