What are Self Assessment Tax Returns?

By

Chris Andreou

Contents

What are Self Assessment Tax Returns?What are Self Assessment Tax Returns?

A Self Assessment (or Self Assessment tax return) is a form using which individuals in the United Kingdom report their income and any applicable taxes to HMRC every year. This system is primarily designed for self-employed, sole traders, partners in a business, or individuals with complex financial affairs. It details how much you've earned and your sources of income, which enables HMRC to work out the Income Tax and National Insurance you need to pay.

The process involves detailing various sources of income, including earnings from employment, self-employment, rental income, dividends, and other forms of taxable income. Deductions, allowances, and reliefs may also be considered to calculate the final tax liability accurately. Individuals required to file a Self Assessment Tax Return must register with HMRC and submit their returns by the deadlines.

Managing Self Assessment can be complex, but with our self assessment tax return service at GoForma, we make it simple. Whether you're a sole trader or have complex financial affairs, we're here to ensure accuracy and compliance.

A Self Assessment (or Self Assessment tax return) is a form that business owners are required to submit to HMRC every year. It details how much you've earned and your sources of income, which enables HMRC to work out the Income Tax and National Insurance you need to pay.

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