Self assessment
Self assessment has been around since April 1996, bringing with it new tax return forms, different tax payment dates and stricter penalties for non-compliance.
The new self assessment tax return forms, normally issued by HM Revenue & Customs in April each year, must be submitted to HM Revenue & Customs by the following 31st January. If the tax return is submitted late interest will be charged automatically.
How can you complete a tax return?
The tax return form is a complex document that comprises information about all your income sources. Fortunately, there are several methods you can use to ease the completion of your return - see the my tax return section for more information.
HM Revenue & Customs investigations
Under self assessment, HM Revenue & Customs has the power to enquire into every submitted tax return. This can be a very worrying time for the individual involved. If a letter is received advising you of an enquiry into your tax affairs, you should seek advice from a suitably experienced tax adviser.
Notification of liability to income tax and capital gains tax
Individuals with income chargeable to income tax or capital gains tax and who have not been issued with a tax return must inform HM Revenue & Customs of their taxable status by 5th October following the year of assessment.
For example, for 2006/2007, the tax return should be issued around 6 April 2007. If one is not received chargeability should be notified by 5 October 2007.
This page was last reviewed on 03 April 2006. The information may not reflect changes in legislation made after this date.
This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.
