Self-Assessment Inland Revenue

If you are a self-employed taxpayer, or somebody who receives their income gross, those who are higher rate taxpayers on their investment income and those who have capital gains tax liabilities, are commonly liable to report tax returns and pay all or part of their tax directly to the Inland Revenue through the process of self-assessment. With this in mind, here are a few important factors on completing the self-assessment:

• Taxpayers who do not receive a tax return and have taxable profits on which no tax has been compensated should normally notify the Inland Revenue by 5 October in the following tax year. Failure to do so may result in penalties of approximately £100, based on the amount of tax unpaid at the date of completion.

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• The Inland Revenue issues self assessment tax returns after the 5 April tax year end. The normal date for returns is 31 January following the end of the relevant tax year. However, if the Inland Revenue did not issue the tax return until after 31 October following the end of the tax year, the filing date is 3 months from the date of issue.

• Taxpayers are typically obliged to make two equal payments on account of their income tax liabilities (and Class 4 National Insurance, if appropriate) by 31 January in the tax year and 31 July based on their income tax and liabilities from that tax year.

• It is recommended that copies of tax forms/receipts are kept for up to 22 months after completion.

Self-Assessment Inland Revenue

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