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UK self-assessment tax return: who needs to file and what to gather

Self-assessment trips up many people because they do not know they need to file, or because they leave it to January. Here is what you need to know.

Who needs to file

You must file a self-assessment return if you: are self-employed with income over £1,000, have income over £100,000, have rental income over £2,500 per year, have untaxed income (interest, dividends), or HMRC tells you to. Register with HMRC by 5th October in the tax year after you first need to file.

What you need to gather

Our free self-assessment checklist covers everything: UTR number, National Insurance number, P60(s), P11D if applicable, self-employment income and expenses records, rental income details, savings interest statements, and any capital gains records. Gather these before sitting down to file.

The January problem

Most people file in January because the deadline is 31 January. But HMRC receives around half of all returns in January, making the service slow and support hard to reach. Filing before 31 October (the paper deadline) or in November/December produces the same result with less stress.

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Frequently asked questions

What is the penalty for filing late?
An automatic £100 if you miss the 31 January deadline. £10 per day after 3 months (maximum £900). Further penalties at 6 and 12 months. Interest on any unpaid tax from the due date.
Can I claim expenses as a freelancer?
Yes — wholly and exclusively business expenses are deductible. Common examples: professional subscriptions, software, a proportion of your phone bill, travel to clients, and a proportion of home costs if you work from home (simplified method: £10/month for up to 100 hours work/month).