The document explains the self-assessment tax return process in the UK, outlining who needs to file based on specific income criteria and the importance of meeting various deadlines. Key deadlines include registering for self-assessment by October 5th, submitting paper tax returns by October 31st, and online submissions by January 31st. It also highlights potential penalties for late submissions and suggests seeking assistance if needed.

1. Who Needs to File a Tax Return?
Self-Assessment is the system that was created by HM
Revenue & Customs (HMRC) to ensure the correct amount
of tax is collected for a tax year. You should therefore check
each year whether you need to submit a self-assessment tax
return.
How can I determine if I need to
file a tax return?
The concept of self-assessment was introduced by HMRC
with the intent of meticulously ascertaining and
accumulating the accurate quantum of taxation on an
annual basis. This intricate mechanism encompasses the
levying of income tax, National Insurance contributions, and
the imposition of capital gains tax (CGT). Its purview is
primarily directed towards individuals whose income or

2. proceeds from asset sales are not subject to immediate
taxation at the source.
Self-assessment is strategically designed to focus on
individuals who meet the following stringent criteria:
. Self-employed individuals whose earnings surpass the
threshold of £1,000.
. Partners actively engaged in a business partnership.
. Individuals with an annual income exceeding
£100,000, and this threshold is set to escalate to
£150,000 in the near future.
. Aspirants seeking to lay claim to specific income tax or
capital gains tax exemptions.
. Recipients of specific COVID-19 grants or support
payments.
. Landlords deriving income from the rental of
properties.
. Earnings derived from gratuities and commissions.
. Income accrued from savings, investments, and
dividend disbursements.
. Income originating from foreign sources.
. Individuals receiving child benefits, provided their
income surpasses the £50,000 threshold.
. Non-resident individuals with taxable income within
the United Kingdom, including landlords residing
outside the UK.

3. It is imperative to note that this enumeration does not
represent an exhaustive list. In this discourse, we shall delve
further into these select categories, all of which necessitate
the diligent completion of a self-assessment tax return.
Individuals whose entire income stream is subject to
withholding tax mechanisms, such as the Pay As You Earn
(PAYE) system, and whose annual earnings fall below the
£100,000 threshold (soon to be revised to £150,000) are
exempt from the obligation of filing a tax
return. Nonetheless, it is prudent to ensure annual
compliance, even for this substantial portion of the populace,
to uphold fiscal responsibilities diligently.
Discover the crucial deadline for
filing your tax returns!
If the need arises for you to furnish a self-assessment tax
return, it is imperative that you acquaint yourself with
pivotal deadlines.
In the United Kingdom, the tax year commences on the 6th
of April and concludes on the 5th of April in the subsequent
year. Consequently, individuals must engage in a thorough
examination of their tax circumstances during this

4. timeframe to ascertain the necessity of a tax
return submission.
For those embarking on their maiden voyage into the realm
of tax return submission, the primary step involves
registering for self-assessment. This obligatory procedure
must be executed by the 5th of October, following the
conclusion of the tax year in which a tax return is
mandated. For instance, if the requirement arises to submit
a tax return for the tax year culminating on the 5th of
April 2023, the imperative action of self-assessment
registration must be accomplished by the 5th of October
2023.
In the event that you opt for the traditional paper-
based tax return submission, the dossier must grace the
hands of HMRC no later than midnight on the 31st of
October, following the tax year’s culmination. Conversely,
for those electing to employ the online avenue, be it
through their Government Gateway account or commercial
software, the deadline for tax return submission is extended,
permitting respite until midnight on the 31st of January,
following the cessation of the tax year.
It is of paramount significance to fathom that the
information proffered to HMRC must be both precise and
comprehensive. This veracity serves as the keystone,
confirming your fiscal responsibility for the entire year.

5. Therefore, meticulous attention to detail is an indispensable
requisite, ensuring that you neither overpay nor underpay
your tax dues for the fiscal year.
Submission and Payment
In the event that you are encumbered with a fiscal liability
for the pertinent tax year, it necessitates that this
obligation is discharged to HMRC by the 31st of January,
ensuing the cessation of the tax year. It is noteworthy that
this date aligns with the submission deadline for online filing.
Additionally, it warrants emphasis that in select scenarios,
an individual may find themselves obligated to make
interim payments on account towards their fiscal
responsibility for a given year. The calculation of this
obligation transpires during the completion of the tax
return for the preceding year. This is grounded in the
presumption that your financial status remains consistent
from one year to the next.
However, it bears mentioning that payments on account
are rendered superfluous under the following circumstances:

6. . If your prior tax liability amounted to less than
£1,000.
. In instances where, during the previous tax year, you
remitted over 80% of your tax obligations directly at
the source, as exemplified when income tax is
deducted through your PAYE tax code.
For instance, as you navigate the process of completing your
tax return for the fiscal year 2021/22, payments on
account may become pertinent for the subsequent fiscal
year, 2022/23. These interim payments must be submitted
no later than the 31st of January 2023 and the 31st of
July 2023. Subsequently, these payments will be
incorporated into the computation of your ultimate
balancing payment for the fiscal year, which is slated for
settlement on the 31st of January 2024.
Summary of Important Deadlines
We summarise the necessary deadlines for the 2022/23 tax
year to be as follows:
Self-Assessment Deadline
Tax year 6th April 2022 – 5th A
Registration for self-assessment 5th October 2023
Submission of paper tax return Midnight 31st October 2
Submission of online tax return Midnight 31st January 2
First payment on account Midnight 31st January 2
Second payment on account Midnight 31st July 2023

7. Balancing payment of tax for the year Midnight 31st January 2
If you happen to miss any of these deadlines, HMRC has the
authority to impose penalties for your failure to comply.
Additionally, HMRC can apply interest charges to any
unpaid taxes at the rates specified by them. You can find
detailed information about these interest rates on
their official website.
Nevertheless, if you have a valid and “reasonable excuse” for
not meeting the required deadline. You have the option to
file an appeal with HMRC. This appeal process allows you to
explain your circumstances and provide evidence supporting
your claim for why you were unable to meet the deadline.
HMRC will then assess your case and determine whether
your excuse is acceptable, potentially waiving or reducing
any penalties or interest charges that would otherwise
apply.
It’s essential to follow the established procedures and
guidelines set by HMRC when appealing to ensure your case
is reviewed fairly and with due consideration of your
circumstances.

8. Do I need to do a tax return if I
earn under £10,000?
Whether or not you are required to file a tax return when
your earnings are below £10,000 depends on the nature of
your income for the year.
If you meet any of the following criteria, you will need to
file a tax return:
. Landlords earning more than £2,500 in property
income. If your rental income falls between £1,000
and £2,499, please reach out to HMRC to confirm
your reporting obligations.
. Self-employed individuals with income surpassing the
£1,000 trading allowance.
. If your entire £10,000 income came from investment
sources, such as savings and dividends.
. You received untaxed income exceeding £2,500.
There are various reasons to complete a tax return, and if
you have any concerns, feel free to contact us or get in
touch with HMRC.
How do I send my tax return?

9. After completing your registration for self-assessment and
receiving the Unique Taxpayer Reference (UTR) number
from HMRC, you can proceed to file your tax return.
HMRC advises that if you do not possess a UTR number, you
should allow for a 20-working-day issuance period. This is
important to factor in, especially if you’re submitting your
tax return for the first time.
You have several options for submitting your tax return to
HMRC. You can do it online through the Government’s
website, utilize commercial software, or send a paper
SA100 form along with the required supplementary pages.
The method you choose for submitting your return will
affect how your liability for the year is calculated and by
whom. If you opt for commercial software or online
submission, your liability will be automatically calculated.
However, if you submit a paper return, HMRC will calculate
your liability based on the information you provide. Once
processed, HMRC will send you a tax calculation detailing
your liability and any payment due dates.
Filing Your Tax Return: Important
Considerations and Deadlines

10. If you decide to file a paper return, it must reach HMRC by
midnight on the 31st of October following the end of the
tax year. This allows HMRC sufficient time to process your
return before the payment due date of January 31st.
Missing this deadline can result in penalties for late filing
and potential late payment.
It’s important to note that the nature and amount of your
income can impact your income tax liability for the year.
Additionally, if you sell a capital asset. You may need to
assess capital gains tax, which follows a different set of tax
rates. For example, this applies to the sale of shares or a
second home.
Submitting your tax return late or failing to pay your tax
bill by the deadline can lead to interest charges and
potential penalties. To avoid unnecessary penalties and
interest, it’s advisable not to wait until the last minute to
file your return.
Get support and advice with your tax return
from Account Ease?
To ensure the accuracy and timely submission of your self-
assessment tax return. You can choose to enlist the services
of an accountant.

11. At Account Ease, we offer a fixed and competitive rate,
relieving you of the burden of self-filing. Our services
encompass calculating your tax liability, submitting your
return, and coordinating with you regarding payment
schedules.
To schedule your complimentary initial consultation. Pease
reach out to us today at 0208 133 4599 or complete our
online inquiry form.