Self Assessment Form: How It Works
Overview
Self assessment is an online process whereby individuals or businesses can submit information about their income, deductions and allowances. This includes information such as how much you earn, what you pay into taxes and whether you claim benefits like housing benefit or child benefit. HM Revenue & Customs (HMRC) will use this data to calculate your tax bill.
There is a deadline to complete your self assessment form which will depend on what kind of tax you owe. If you do not complete your self assessment within the deadline, HMRC will make a decision based on incomplete information. You may receive correspondence from HMRC informing you of the outcome of your case.
If you have submitted incorrect information, it could affect your tax bill. For example, if you have incorrectly stated your salary, HMRC will assume that you have understated your taxable income. They will therefore reduce the amount of tax you owe. However, if you have correctly stated your salary, HM Revenue & Customs will increase your tax bill.
You must notify HMRC if you change your address, phone number or email address. Your employer must inform HMRC if you resign or retire.
Deadlines
The end of the financial year brings with it a number of deadlines. Here are some we think you might want to keep in mind.
Tax Return Deadline
If you haven’t filed your income tax return by the end of February, you could face penalties. If you don’t pay enough money into superannuation, you could lose out on government benefits. And if you fail to lodge your GST returns, you could find yourself facing fines.
You can still make changes up until the due date, but once that day arrives, there’s no turning back. So what do you need to know about the tax return deadline?
When Is It Due?
Your federal income tax return must be lodged with the ATO by 31 July each year. You can submit your return online, via post or download a paper version.
What Happens If I Miss My Tax Return Deadline?
Filling in your return
To sign in to file your taxes, you will need to prove your identity. If you’re filling out your form digitally, you’ll need to upload one of the following documents:
• A passport
• An EU national ID card
• Proof of address – such as utility bills
You can’t use GOV.UK Verify anymore to prove your identity because of new legislation. However, you can still use the service for submitting your tax return online. When you log into the site, select “File my return,” enter your personal information and choose whether you want to pay electronically or by post.
If you are filing paper forms, you must print the form and send it along with the required supporting documentation to HMRC.
Paying your bill
HM Revenue & Customs (HMRC) says it will now use data from your bank statements to work out how much tax you owe. This means that if you pay your bills online, HMRC will be able to see exactly how much you earn and how much you spend. If you don’t want to give up this level of detail about yourself, you can still choose to pay by cheque or cash. However, if you do go down this route, HMRC will need to know where you live, your name, address, date of birth, National Insurance number, telephone number, email address and occupation.
You can pay your taxes via the internet, by phone, by post or by standing in person at one of HMRC’s offices. You can also make payments by cheque or cash, and there are no penalties for paying late.
Frequently Asked Questions
How do I get a paper tax return UK
1. Go online
The first step is to go online. You can find a website called HMRC (Her Majesty’s Revenue & Customs) where you can download forms and fill them out. If you have any questions about how to file your taxes, then you should ask someone who knows what they’re doing.
2. Fill out the forms
Once you’ve got the forms downloaded, you’ll need to fill them out completely. Make sure you read everything carefully before filling it out. There may be some information that you don’t understand. Don’t worry if you make mistakes – just put a line over the top of the mistake and start again.
3. File the papers
After you’ve filled out the forms, you’ll need to send them off. You can either mail them yourself or take them to a post office. Either way, make sure you keep track of the date you sent them off.
4. Wait for the results
You might not hear anything back right away. In fact, you could even wait months before getting your money back! But once you do receive your refund, you’ll know exactly how much you owe and how much you’re entitled to.
5. Pay the bill
If you want to pay the bill, you’ll need to write a cheque. Once you’ve done that, you’ll need to give the person at the post office a copy of your receipt.
6. Get a receipt
When you hand over your payment, you’ll need to get a receipt. Keep this somewhere safe until you use it.
7. Use the money wisely
Use the money wisely. Save some for a rainy day, and spend some on something nice for yourself.
What is HMRC forms
HMRC stands for Her Majesty’s Revenue & Customs, which is the official name of the tax authority responsible for collecting taxes in the United Kingdom. You may have heard of them being called “the Inland Revenue”. HMRC collects income tax, national insurance contributions (NIC), capital gains tax (CGT) and corporation tax (CT).
The HMRC website provides information about how to apply for their forms online. If you need help applying for forms, then you should contact HMRC directly.
