Top Tips to Filing Your Self-Assessment

Contractor Advice, Freelance Advice

Jan 12,2018

◴ 2 min

Successfully file your Self-Assessment if you are self-employed or run your own business using these top tips.
Check the Tax Year for Filing
Check with your accountant to ensure that you know the start and end dates for your self-assessment. This year’s filing covers the tax year from the 6th of April 2016 to the 5th of April 2017.

Check the Deadline for Filing

HMRC have an online filing deadline date with the last day for filing online being the 31st of January 2018. Note that to file your self-assessment online you will have to be registered with HMRC first. The registration process can take up to 20 working days and should be done in good time to ensure that you do not miss the deadline.

Check the Methods to Pay Tax Owed

On completing your self-assessment, you will have to pay the amount of tax owed to HMRC by the 31st of January 2018. Ensure that you have the funds and the means to pay any tax owing by the date otherwise you will incur a penalty.

The Following Groups Must Complete a Self-Assessment

These group are as follows:

Self-employed
Those that have Income from rented property which is £2,500 or more
Those that have Income from savings or investments which is £10,000 or more before tax
Those that have Income from dividends which is £10,000 or more before tax
A company director
If you or your partner’s income is £50,000 or more and one of you claims Child benefit

Check the Penalty if you Miss the Deadline

If for whatever reason you miss the deadline for filing your self-assessment, you will be issued a penalty from HMRC. It is best to contact them to explain your individual situation and enquire if you will be issued with a penalty or not. Normally, the penalty for late filing is £100 if your tax return is 3 months late. But it will be considerably more if your tax return is later than 3 months or if you pay tax owing after the HMRC deadline.

Jahan Aslam

With 20+ years of experience, supporting businesses at every stage of their journey, they offer practical advice on UK accounting, taxation, company formation, and financial planning, helping entrepreneurs build and grow successful businesses.

Frequently Asked Questions

What is a Self-Assessment tax return?

A Self-Assessment tax return is a form submitted to HMRC where individuals report their income, expenses, and tax details to calculate how much tax they need to pay. It is commonly required for self-employed individuals, business owners, landlords, and others with additional income sources.

Who needs to file a Self-Assessment tax return?

You may need to complete a Self-Assessment tax return if you are self-employed, a company director, receive rental income, have significant savings or investment income, receive dividends above certain thresholds, or if you or your partner claim Child Benefit and your income exceeds the required limit.

What is the deadline for filing a Self-Assessment tax return?

The deadline for submitting an online Self-Assessment tax return is usually 31st January following the end of the relevant tax year. Any tax owed must also normally be paid by the same deadline.

What happens if I miss the Self-Assessment filing deadline?

If you miss the deadline, HMRC may charge penalties. The initial late filing penalty is usually £100, with additional charges applying if the return remains outstanding for longer periods or if tax payments are late.

How do I register for Self-Assessment with HMRC?

If you need to file a Self-Assessment tax return for the first time, you must register with HMRC. The registration process can take time, so it is recommended to complete it well before the filing deadline.

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