Self Assessment

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A method used to do personal tax returns in the United Kingdom. When you have untaxed income, you must declare it to HMRC yourself, and all income/expenses need to be detailed and profit needs to be taxed.
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Untaxed income:

• Rental income
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• Capital gains from investment
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• Profit from selling assets
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• Self employed income
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• Side gig income
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• Pension tax relief
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• Earning more than £100,000
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These all need to be detailed on a self assessment.
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A tax year runs from 6th April - 5th April and your tax return needs to be paid by 31st January of the following year. It can be paid using an online tax return service, an accountant or by yourself.
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Things to note:

• Once you register for a self assessment, a tax return needs to be submitted every year till you tell HMRC that you don’t need to do one anymore.
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• You may need to do a self assessment even if your only income is from employment.
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• If you sell a property for profit, you need to use the real time capital gains tax service rather than self assessment.

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