A self-assessment tax return is a document that shows how much money you earned during the year. It’s an annual form that’s filed online with HMRC. Self-assessment returns are used to assess how much tax you should pay, including National Insurance.
There are several different types of expenses that you may be able to claim on your tax return. For example, you may be able to claim improvements on your home. In order to do so, you’ll need to have a good record of the expenses. You also can’t claim the same expense in subsequent years.
If you’re planning on filing a Self Assessment tax return for the first time, you’ll need to register with HMRC. When you register, you’ll receive a Unique Taxpayer Reference. This is a reference number that is used for completing your return and creating an HMRC account.
Who needs to complete a Self Assessment tax return
As well as the UTR, you’ll need a copy of your financial records. This can be in the form of bank statements and invoices. Once you’ve received your UTR, you’ll be able to log in to your business tax account to complete your self-assessment tax return.
Before you begin, you should read over the Self Assessment tax return form to make sure you’ve included all the information that’s required. If you haven’t already done so, you should save a draft of the form. Then you can make changes later.
Whether you file your Self Assessment tax return online or through the post, you’ll need to complete Form SA100. You can do so using a software program or by hand.