04/01/2025
What is Self-Assessment?
Self-assessment is a system that HM Revenue and Customs (HMRC) uses to collect income tax.
Tax is usually deducted automatically from wages and pensions. People and businesses with other incomes must report them in a Self-Assessment tax return.
Other Income includes:
1. Rental Income.
2. Self-Employed Income- (Food Delivery, Taxi, Profit from Business etc.)
3. Interest Income.
4. Dividend Income.
If you need to send a Self-Assessment tax return, fill it in after the end of the tax year (5 April) it applies to. For Financial Year 2023/24 The Submission year is 31 January 2025.
You must send a return if HMRC asks you to.
