How to Fill in A Self-Assessment Tax Return

Juliet D'cruz

Updated on:

Self-assessment helps in calculating tax on your income. It is used by HMRC.

Typically, your tax is automatically deducted from your income, pensions or savings(known as PAYE) if any. However, if you have an additional source of income on which you need to pay tax then you must inform HMRC by filling a self-assessment tax return.


Who is eligible for self assessment tax?

Self assessment tax is filed by those who are self-employed to pay income tax and national insurance from your income. Additional conditional involved when you need to pay for self-assessment tax are:

  1. You earned £100,000 or more last year as an employee or through pension.
  2. If you have earned £2,500 or more as per untaxed income bracket for example earning through renting a property.
  3. If you have earned £2,500 or more as per untaxed income bracket for example through any commission or tips
  4. Before filing for the tax your income from savings or investments was £10,000 or more
  5. You are required to pay Capital Gains Tax from the earnings after selling a property.
  6.  You need to fill self assessment tax if you are a director of a firm unless otherwise a Non Governmental Organisation.
  7. Either you or your partner earns £50,000 or more and you are claiming child benefits
  8. If you are living abroad but you are employed and receiving income from the UK, you are liable to fill self assessment tax.
  9. If your earnings were over £50,000 in the financial year 2020-2021 and have made pension contributions, you will have to fill self assessment tax to claim the relief later.
  10. If you are a trustee of a trust or have yourself under a registered pension scheme
  11. If you are receiving pension more than the personal allowance and it is the only source of income then you must fill a self assessment tax return.
  12.  If you have received a P800 from HMRC mentioning that you didn’t pay tax last year.

What are the steps and information required to fill a self assessment tax?

If you have not filled in your self assessment ever, it might appear overwhelming to you but you can take these easy steps to do it well in time.

  1. You must have a 10 digit Unique Taxpayer Reference (UTR) number beforehand
  2. You must have your National Insurance number
  3. Detailed information of your last year’s untaxed income such as self earned income, or interest on property or shares.
  4. You must showcase any contributions done to charity which you can claim after self assessment.
  5. Any details of P60 slips showing your income.

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How to fill in the SA100 self assessment form ?

You will see two sections of self assessment form, namely SA100 and SA200. The main section is the SA100 form that you must fill first. You will be asked to furnish details of the following:

  1. Details of your taxed and untaxed income in the form of interest earned
  2. Any recent pension contributions
  3. Any record of charitable donations done in last one year
  4. Details of benefits claimed such as State Pension, Child Benefit and Blind Person’s Allowance, etc.

If you are a company director or a foreign national who needs to fill a self assessment ax then you must fill the Supplementary Page also that asks you to fill Capital Gains tax. You must take support of your accounting service provider to know complete information and guidance before filling a self assessment tax return.

Outbooks UK has been guiding many of their clients to develop a knowledge of tax returns and fill self assessment successfully.