Self Assessment

Self Assessment

Self Assessment – Do I Need To File?

Self Assessment (SA Return)- What Is It?

In simple terms, self-assessment is the filing of your individual taxes as a self-declaration of the true reflection of your income and expenditure. Although SA return filing is more used for personal taxes, other types of taxes, for example, corporation tax, etc are also reported by way of taxpayer’s self-assessment declaration.

For the clarity of understanding the term SA return used here is exclusively used to denote the personal tax return filing for individuals.

Who Should File Self-Assessment Return

As a general understanding or rather a misunderstanding, SA Return is often confused with self-employment and even people with years in business seem to be confused on who should file the return. Although, there is a specific list of individuals who should file an SA return, generally speaking, is to be filed by anyone whose income tax is not deducted at the source, or even if the tax is deducted at the source, it is not sufficient or appropriately taxed.

This HMRC guidance will be helpful in determining your need to file an SA return. HMRC-Check If You Need to File

Self Assessment

As a general rule of thumb, the following person or situation will need filing of SA return for individuals. The situations are listed below. If you are in one of the below situations, you should be filing your SA return.

  • Sole traders carrying on their business as proprietorship, self-employed persons
  • Company shareholders and directors with taxable dividends not taxed at the source
  • Rental property owners having land and property income
  • Individuals with taxable foreign income
  • Individuals with income from trust
  • Individuals earning more than £100,000.00 annual income
  • Individuals with any untaxed income
  • Individuals with High Income Child Benefit Charge

Most Common Situations That Need Self-Assessment Return Filing

As an accountant, we come across almost every situation that needs SA return filing. But the below list should be helpful to check yourself that you might need a filing but are not sure.

  • Sole trader business
  • Landlords with rental income
  • Company directors/shareholders with dividend income

How Should I Get My UTR for SA Return Filing Without An Accountant

If you are running a company, you must have an accountant who is already doing your SA return annually. If you meet any of the above conditions mentioned for SA return filing requirements, you need to register for your self-assessment.

Registering for Self Assessment is easy and you should be able to do it on your own when you need to. Please check below HMRC link below for easy-to-use forms that you can register yourself. Nevertheless, you can check this link if you want any assistance with your SA return registration or filing.

  1. Self-Employed Sole Trader Registration- Click Here
  2. All Other Individuals- Click Here

How Can I File My Self-Assessment From HMRC Website

Filing your self-assessment from the HMRC website needs the service to be activated in your HMRC gateway account. HMRC gateway account can be created by simply using your email and once the account is created, you have to add your UTR number to activate the SA filing service. Please click on this link and register for the HMRC gateway account.

In a couple of weeks, you will receive an activation code which you have to use inside your gateway account to activate the service.

BOOM! Now you are ready to file your tax return.

Please login to HMRC and follow the simple steps by putting in the required income details in the relevant sections. Do check YES/ NO as relevant and your return will be ready as you see the progress. Once you are happy with the tax calculation window summary, you can hit submit.

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