A UK tax year runs from 6 April to the following 5 April.
Under self-assessment, you file a tax return for a tax year which includes all your taxable income for the year – including sources from which you have had tax deducted already.
You then ‘self-assess’ what you owe by calculating what your tax position is for the tax year and pay any further amounts due to HMRC. This can include income tax, capital gains tax, class 2 and 4 National Insurance contributions (if you are self-employed) and student loan repayments. If your self-assessment show you have paid too much tax for the tax year, HMRC will repay you what you have overpaid.
It is your responsibility to tell HMRC if you need to complete a tax return. You must file a tax return if HMRC ask you to, unless they withdraw that requirement.
| BAND | TAXABLE INCOME |
|---|---|
| Personal Allowance | Up to £12,570 |
| Basic rate | £12,571 to £50,270 |
| Higher rate | £50,271 to £125,140 |
| Additional rate | over £125,140 |
You can check if you need to send a tax return if you’re not sure.
You must tell HMRC by 5 October if you need to complete a tax return and have not sent one before. We can assist with all registrations with HMRC to ensure compliance.
You can choose to fill in a tax return to:
| 05 April | End of Tax Year |
| 31st July | Payment on Account Due to HMRC for individuals with a tax liability over £1,000 |
| 31st January | Submission Deadline for SA100 tax return |
| 31st January | Tax liability Due to HMRC |
| Additional rate | over £125,140 |
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