If you earn more than £2,500 of untaxed income you’ll need to complete a Self Assessment. This includes interest from savings and income from renting out a property. Those earning over £100,000 also need to complete one.
The deadline to file your Self Assessment tax return online is 31 January. This is also the deadline for paying the tax you owe. And remember, you’ll have to make your second payment on account by 31 July.
It’s not just the self-employed who need to do a Self Assessment. You may still have to do one if you’re permanently employed, a landlord, the director of a company or a non-profit organisation, or a trustee of a trust.
The best way to prepare for doing a Self Assessment is to have the relevant paperwork ready. This includes your accounts and record of expenses if you’re self-employed, and other documentation like your P60 if you’re employed.
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