Self-Assessment: Do I Need to Submit a Return?


A Self-Assessment tax return reports to HMRC an individual's income for the tax year and calculates how much tax is due on that income.


Do I need to submit a return?

You will need to complete a Self-assessment tax return if any of the following applies to you:


  • You have Self-Employed income

  • You are a company director

  • You have un-taxed income such as rental income

  • You have income from shares, savings or investments

  • You made a chargeable gain such as selling a second home

  • Your income is over £100,000 (or £50,000 and you/your partner claims child benefit)

  • You have income from abroad or you live abroad and have UK income


What do I need to do?

If you fall into one of the above categories you must complete a tax return each year by 31 January.


For example, the tax year ending 5 April 2020, your tax return must be completed and sent to HMRC by 31st January 2021.


You need to include all your income on your tax return, not just the income which hasn’t been taxed.


In addition to filing the return by 31 January, HMRC must be paid the balance of tax due by 31 January too.


Payments on Account

You will be required to make a payment on account towards your tax liability for the following year if your liability is more than £1,000.


Payments on account are calculated at half your previous year’s tax bill. These additional payments are due on 31st January and 31st July.


How do I register to submit a return?

Self-Employed individuals can complete the form CWF1 online.


Anyone else needing to register can complete the form SA1 online.


I'm still unsure, can you help me?

Of course! We can help you through the entire process, from registering to providing all the payment details you need.


Although you can complete the Self-Assessment yourself, using an accountant can help you in many ways with your tax return. We have written about the benefits here.


We will save you the time and hassle of doing it yourself. We also have extensive knowledge of what you can and can’t claim against your taxable income and allowances you may not be aware of. We can also register to speak to HMRC on your behalf, saving you hours of waiting on hold if there is an issue.


You can view our Sole Trader packages for Self-Employed here and our Self-Assessment charges here.


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Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks. We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial. Get in touch today for a free, non-obligatory quote for your business needs.

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Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks.

We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial.

Get in touch today for a free, non-obligatory quote for your business needs.

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