Friday, September 29, 2023

How to fill in a Self Assessment tax return?

How to fill in a Self Assessment tax return?

Filing a self-assessment tax return may appear to be quite a hard thing to do at first glance. But once you start working on an application, everything becomes smooth, and you figure out your path. If you have decided to go for a self-assessment tax return,  you must start preparing for it and organize all your documents.

You must read the guidelines so that you can prepare the documents accordingly and make sure that the format is correct. When it comes to finance-related matters, the timeline plays a vital role, and you must make sure that you complete all the proceedings within the given time to avoid any penalty going forward. Let’s help you with your self-assessment tax return.

Table of Contents

  • What is a self-assessment tax return?
  • Who can file a self-assessment tax return?
  • Who cannot file a self-assessment tax return online?
  • How to fill in a Self Assessment tax return?
  • Summary

What is a self-assessment tax return?

The self Assessment tax return is a practice used by the HM Revenue and Customs (HMRC) to collect Income Tax. On a general note, they are automatically deducted from pensions, wages, and savings. But,  individuals and businesses with additional sources of income, such as support payments, Covid-19 grants, and rented properties, must report their income to the HMRC and submit a self-assessment tax return.

There is a penalty and interest if you doge the last date of filing the return and pay later.

Who can file a self-assessment tax return?

You must send a self-assessment tax return to the HMRC department if you are:

  • self-employed and enjoy the status of a ‘sole trader’, and your earrings are higher than £1,000 (before making the deductions you can claim under the tax relief)
  • a partner in a business partnership
  • Not self-employed, but you have a good source of income. For example, you receive income from renting out a property.

If your only source of income is your wages or pension, you don need to send a self-assessment tax return. However, you will have to file the tax return, if you have a source of  untaxed income, such as:

  • any COVID-19 grant or support payments
  • money earned from renting out a property
  • any tips and commission
  • income from savings, investments, and dividends
  • foreign income
  • claim some Income Tax relief
  • If your income (or your partners, if you have one) was over £50,000, you might need to send a return and pay the High-Income Child Benefit Charge.

Who cannot file a self-assessment tax return online?

The HMRC doesn’t accept a Self Assessment tax return online:

  • for a partnership
  • for a trust or estate
  • In case you lived abroad as a non-resident
  • to report multiple ‘chargeable gains, for example, from life insurance claims.
  • If you get income from a trust, you’re Lloyd’s underwriter or a religious minister.

How to fill in a Self Assessment tax return?

There are two ways for filing the tax return online:

  1. You can go online and file the tax return

You can file your Self Assessment tax return online, this is highly convenient and less time taking. You may also take help from the online portal to:

  • Have a look at the previously filed tax returns
  • View your financial and personal registered information.
  • Download or print your tax calculation for the financial year.

You need to register for Self Assessment tax return before you avail of this service:

  • If this is the first time you are filing the self-assessment tax return.
  • You didn’t send the tax return statement the last year. Even if you have sent it previously.
  1. You can fill up the paper form

You can download the main tax return (SA100) form, fill it and send it by post to the HMRC if you don’t wish to file the return online. You must try to send your form early so that you don’t miss the deadline as some time will be taken by the courier or the postal service for sending your form.


In cases of the self-assessment tax return, first and foremost, you need to figure out your eligibility and whether you should file the self-assessment tax return. Once you are clear, you must not delay your application and start preparing the documents, so you do not miss the deadline.

The HMRC  is very rigid with deadlines, and any message would lead to a huge penalty or a high interest that can cost a lot to you. If you get stuck anywhere and feel you could use some consultancy here, you can always reach out to us at 123financials  it and account, and we should be more than happy to solve all your queries and ensure that your return is filed flawlessly.


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