Annual tax return UK


Tax Return

The tax return in the UK refers to the process of filing a self-assessment tax return with HM Revenue and Customs. HMRC self assessment process is typically completed by individuals who have income that isn’t taxed at source, such as self-employed individuals, business owners, company directors, or those with income from property, savings, investments, or overseas sources.

Self-Assessment Tax Return

The self-assessment tax return is a form that allows individuals to declare their income, claim tax reliefs, and disclose any other relevant financial information to calculate their tax liability accurately. Tax Self-Assessment is a form used by individuals in the United Kingdom to report their income, capital gains, and other relevant financial information to His Majesty’s Revenue and Customs (HMRC) in order to calculate their tax liability. It applies to individuals who are not taxed at source or have income that is not covered by Pay As You Earn (PAYE) tax deductions, such as self-employed individuals, business owners, company directors, and those with income from property, savings, investments, or overseas sources.

Tax Year

UK tax year in the UK runs from April 6th to April 5th the following year. For example, the tax year 2024/2025 runs from April 6, 2024, to April 5, 2025.

Filing Deadline

The deadline for submitting a paper self assessment tax return form is typically October 31st following the end of the tax year. However, if you file your Annual tax return online, you have until January 31st to submit it.

Online Filing

It is recommended to file your tax return online because the deadline for online submissions is later than for paper submissions, and the online process is generally quicker and more straightforward.

Payment Deadline

If you owe any UK tax after submitting your tax filing, the payment deadline is also January 31st. This means you must pay any outstanding tax liability by this date to avoid penalties and interest charges.

Late Filing Penalties

If you fail to submit your self assessment deadline, you will be subject to penalties. The penalty amount increases the longer you delay filing your return.

Tax Payments on Account

If your tax liability is over a certain threshold, you may be required to make HMRC pay self assessment on account for the following tax year. These payments are advance payments towards your future tax filing bill.

Please note that tax rules and regulations can change over time, and it’s essential to refer to the latest guidance from HMRC or consult with a qualified tax advisor for the most up-to-date information regarding the HMRC tax return in the UK.