Tax Return for Self Assessment – What you need to know

Self assessment tax return is a way which HMRC uses to collect Income Tax, Wages, pensions, and savings are often taxed automatically. Other income (including COVID-19 grants and support payments) must be reported on a tax return by individuals and enterprises.

Can I do My Own Self Assessment Tax Return?

Yes, you can file your Tax return for self assessment online if you are self-employed or if you are not self-employed but you do receive any other income.

You can sign in using your government gateway ID.

What information do I require to file my tax return?

Your tax return for any tax year must include information on all taxable income and profits for that year. You will need to provide the following information in order to file your self assessment tax return:

  • Details of self-employment earnings and expenses to calculate your annual trade profit or loss
  • Details of property revenue and costs to calculate your annual rental profit or loss
  • Income from employment and pensions, including forms P60, P11D, and P45 from any positions you have had.
  • Any other relevant document that you may have been issued with by your employer or other organisation
  • Bank or building society interest certificates
  • Information on pension contributions paid to relief at source programs.
  • Information on any taxable capital gains made during the year

How often do HMRC check Tax Returns?

HMRC gives you a deadline of 1 year to file your taxes. However, they can look into the previous year’s Self Assessment Submission using the discovery assessment rules if specific conditions are not met. The time range can be from 4 years when one makes an incomplete tax return. All the way up to 20 years if there has been any intentional hiding of income.

Who needs to do Self Assessment?

If the HMRC has sent you a notice asking you to complete your self assessment tax return then you have to do so. Unless they withdraw the notice. Some of the most common situations in order to file a tax return are:

  • A sole trader who has earned more than £1,000 (before deducting anything you can claim tax relief on)
  • If you are a partner in a business.
  • for a company director under PAYE but the income is not taxed
  • You have property income (there is an annual property allowance of £1,000 or tax is excluded if your income qualifies for the rent-a-room scheme)
  • When you want to claim tax relief on employment expenses over £2,500 in a year
  • You have to pay a tax charge on your child benefit
  • If you have any untaxed savings income
  • If you have any capital gains tax which hasn’t been paid in the current year.

When can you not do your Self Assessment Tax Return online?

There are a few instances where you cannot file a Self Assessment tax return online. For eg:

  • if you are a partnership
  • for a trust or estate
  • if you are a non-resident who lives abroad
  • to report multiple chargeable gains.
  • If you get your income from a trust.

How to register for self Assessment with HMRC?

You will have to register for Self Assessment if you haven’t sent one last year. There are multiple ways to register based on your legal structure.

For self-employed individuals, you have to register for both Self assessment and Class 2 National Insurance.

Whether you have filed taxes previously determines how you register.

Have read through our article where we discuss how to register based on your legal status.

How to contact HMRC About Self Assessment

To contact HMRC regarding your query you can contact them at the following numbers.

0300 200 3310

0300 200 3319

Outside UK:
+44 161 931 9070

You can also use HMRC’s digital assistant to find an answer to your query. If Digital Assistant can’t help you, you can transfer to the self assessment webchat with an Available advisor.

When to do your Self Assessment?

The majority of individuals pay their taxes at the source of origination, like the PAYE system. The PAYE system enables employed individuals not to file a tax return if they only have salaried income. However, you have to file a self assessment tax return through your PAYE tax code if there is any untaxed income.

Also, If HMRC sends you a tax return to fill out or, more likely, a notice asking you to carry out a tax return, you must complete it (unless it can be withdrawn).

You have to register for self assessment by October 5th after the end of the Tax year. Any miss in the self assessment procedures and you may incur penalties.

What penalties can I be charged if I miss the Self Assessment Tax Return Deadline?

If you miss your self assessment tax return timeline then there are 4 groups of penalties you may be charged. These penalties can be appealed in certain cases where you have a reasonable excuse if you are in a special circumstance or you took sensible care to file your tax return.


In cases where you make an appeal, you must file an appeal within 30 days of the penalty notice. For any late paid tax, interest will be charged.

  • Late Filing – You will be liable to pay beginning from £100 and increasing to £1,600 per year or more
  • Late Payment – You are liable to pay the amount of unpaid tax at the due date
  • Failure to notify – You do not have to pay the tax automatically. It is normally calculated according to the unpaid tax due to the failure and is charged on Jan 31st of the following year.
  • Inaccuracy – You have to pay a penalty on the percentage of the unpaid tax due to inaccuracy.

What should I do if all my other taxable income is not included in my coding notice?

A coding notice is something used by your employer or pension payer for tax deductions from the payments made to you. In case you have other income and it does not reflect on your coding notice, then you should inform the same to HMRC. They will revise your coding notice or you will have to complete a Self Assessment Tax Return.

Tired of the stress self assessment causes? Let us handle the numbers, so you can focus on what you do best. At TaxTotal, we specialize in hassle-free self-services, book a free consultation to know more.

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