What is self assessment?

Self assessment enables an individual to prepare details of their incomes and relief’s for HMRC. HMRC will then calculate the tax liability based on these figures. These figures will not be checked until later in the tax year.

However tax law is vast and confusing so it is always best to instruct an accountant to prepare this on your behalf to ensure you don’t end up paying too much tax or too little. Also HMRC can impose penalties if you provide incorrect or fraudulent information.

The first Self Assessment tax return was issued in April 1997.

The Self Assessment tax return is made up of a basic core return together with separate supplementary pages - which ones you get will depend on your circumstances and the type of income you receive.

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The content and advice is for information only. Last updated 27.07.2009.

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