A self-assessment tax return, also known as “Personal Tax Return”, is the process in which individuals can declare their annual tax on income received or gains/profits made on their capital investments. Some taxes, like PAYE, are collected at source, i.e. employees’ taxes are deducted before pay, and banks tax savings income when paying interest. However, income is not taxed at source in other cases, such as rental property, sole trader business, or sale of an asset that increased in value (e.g. Buy-to-let property). Instead, it must be declared, and any additional taxes paid. Similarly, a tax return may be done to claim any overpaid taxes, e.g. the wrong tax code was entered by your employer and you were overcharged.

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You will need to do a tax return during the financial year ending 5th April: Self-employed sole traders who are running their own business or service Partner in a partnership Received more than £2,500 in untaxed income (e.g. you received rental income from property) Investors with dividend income Your savings income or investment income was more than or equal to £10,000 before taxes You realised profits from selling assets such as buy to let property or shares Received child benefit when your income was over £50,000 Received income from abroad on which you need to pay UK tax on You lived abroad but received income from the UK You are a trustee There may be other reasons you may need to do a PTR. For example, You may need to do a personal tax return to declare additional payable or reclaimable taxes.

If an individual becomes chargeable to Income tax or Capital Gain Tax for the first time, they must notify HMRC within six months of the end of the tax year in which he becomes chargeable. For example, an individual who received dividend income on the tax year 2023/24 has until 5 October 2024 to notify HMRC. To file a tax return, you need to be registered for self-assessment and have a UTR or Unique Tax Identifier number. A self-assessment registration form is submitted for a UTR number and can take up to 6 weeks for a UTR number to be issued by HMRC.

Two payments on account are made on 31 January and 31 July after the tax year. These are 50% of the previous year’s tax due but only apply to income tax, not Capital Gains Tax. Payment on account is not required if: Tax due for previous year < £1,000, or 80% of tax is collected at source Payment due in respect of a simple assessment is due on 31 January after the tax year.

If you have received a letter from the HMRC and been asked to file a tax return, then you must file one even if you do not have any income or even have losses.

You need to register online with HMRC by creating a Government Gateway account. It’s best to do this as soon as you start earning income that requires you to pay tax. We can handle this for you. Call Anne on 01452 470165

You’ll need to provide details about your income, self-employed earnings, any other sources of income, expenses, pensions, and benefits. You might also need to include information about capital gains or foreign income.

An amended tax return can surely be submitted to the HMRC before the deadline for filing an amended tax return. Generally, you can amend a tax return within 12 months of the tax return deadline for that tax year, e.g., for tax year 2022-23, the deadline for amendment will be 31 January 2025.

You can pay your tax bill through various methods including online bank transfer, credit or debit card, direct debit, or by cheque. HMRC provides guidance on the available payment options.

Yes, you can claim legitimate business expenses to reduce your taxable income. Common examples include office rent, travel costs, and professional fees. However, the expenses must be directly related to your business.

You should keep records of your income, expenses, bank statements, invoices, receipts, and any other relevant financial documents for at least 5 years after the self assessment deadline.

Making tax digital MTD for income tax is an initiative by the Government to modernize the way income and expenses are reported. Under MTD you will need to maintain your record in digital format and file quarterly returns. MTD for Income Tax starts in April 2026.

Absolutely, many people hire accountants or tax professionals to assist with self assessment. They can help ensure accuracy, claim all eligible deductions, and navigate complex tax regulations. Regent Accountants Cheltenham Ltd has years of expertise in tax planning can help you minimize your taxes.

The price of a self-assessment tax return start from £20 per month. Give Anne a call today on 01452 470165 for more information or to book a free initial consultation.