With the much talk of HM Revenue and Customs’ move to a digitised tax system over the coming years, it is easy to overlook the current system which is still relevant for all.
Ian Tongue looks at the self-assessment tax system for individuals and explains some of the key considerations, particularly for those who may have recently started their private work and have not felt the full effect of the self-assessment tax system.
The self-assessment tax system for individuals has been around since 1996 and is just that: self-assessment. Each year, you self-certify your relevant tax information to HM Revenue and Customs (HMRC) by submitting a tax return.
For those that have not previously submitted a tax return, you have until 5 October following the tax year in question to register for self-assessment.
The tax return needs to be submitted by the 31 January following the tax year which always ends on the 5 April for an individual.LOGIN OR REGISTER TO READ MORE……………