In the United Kingdom, a self-assessment tax return is a form that individuals and businesses use to report their income and calculate their tax liability. The self-assessment tax return is typically used by individuals who are self-employed, have untaxed income, or receive payment from investments.
To complete a self-assessment tax return, you will need to gather information about your income, such as your salary and any income from self-employment or rental properties. You will also need to report any expenses related to your income, such as business expenses if you are self-employed.
Once you have gathered the necessary information, you can use the self-assessment tax return form to calculate your tax liability. If you owe tax, you will need to make a payment to HM Revenue and Customs (HMRC). If you are due a refund, HMRC will issue a refund to you.
It is important to note that you must file a self-assessment tax return if you are required to do so by HMRC. If you do not file a self-assessment tax return and you are required to do so, you may be subject to penalties.