Step-by-Step Guide

Filing a self-assessment tax return is a crucial task for millions of UK taxpayers each year. Getting it wrong can be costly - HMRC's penalty system starts with an immediate £100 fine for missing the deadline, and charges can escalate significantly over time.

Understanding the process and starting early can help you avoid penalties while ensuring you claim all eligible expenses and allowances you're entitled to.

HMRC's Key Dates and Penalties:

Deadlines:

• Register for Self Assessment: 5 October

• Paper tax returns: 31 October

• Online tax returns: 31 January

• Tax payment: 31 January

Official HMRC Penalties:

• 1 day late: £100 fixed penalty

• 3 months late: £10 daily charges up to £900

• 6 months late: Additional 5% of tax due or £300

• 12 months late: Additional 5% of tax due or £300

Essential Preparation

HMRC requires you to have:

1. Unique Taxpayer Reference (UTR)

2. National Insurance number

3. Records of all income sources