- United Kingdom
Simplify your self-assessment by choosing our reliable self-assessment service today! We take the time to understand your needs and take the confusion out of tax returns. Let our experts handle everything with accuracy and compliance!
HMRC self-assessment is a tax system that HMRC uses for the collection and calculation of income tax. It is used by HM Revenue and Customs (HMRC) to deduct taxes from businesses or individuals whose taxes aren’t deducted automatically. Moreover, under self-assessment, you must submit a tax return for the ongoing tax year.
In the UK, the tax year started on 6th April 2024 and ended on 5th April 2025. The current tax year runs from 6th April 2025 and will end on 5th April 2026.
If you need to complete a tax return and haven’t already registered, you must get registered by 5th October 2025. After that, you’ll receive an email or letter from HM Revenue and Customs for your tax return.
Self-assessment is a method introduced by the UK tax system to account for all income and earnings, not only the earnings taxed by the employer. A taxed salary or income does not ensure every source of income is already taxed at the time the employee receives it. Many people have different income sources, which the self-assessment system requires to ensure that earnings are reported and taxed.
The self-assessment system ensures fair taxation for all. Employees or taxpayers pay the right amount on their cumulative income, not just on their wages. If you are a freelancer on top of your job, the system checks that you are a higher-rate taxpayer. Accordingly, self-assessment calculates the tax amount one owes.
Through this system, all diverse sources of income are tracked and recorded, which can be missed otherwise. These sources can be:
Rental Income from Property
Property, including housing or warehouses, that has been rented out to other individuals and is not meant for personal use.
Profits from Self-employment or Side Businesses
Profit or money earned from part-time work, side businesses, and freelancing after hours, which is a plus and not mainstream income.
Investment Dividends and Interest
Income generated through profits in shares from companies and interests on lending, bonds, and bank savings.
Overseas Income or Foreign Assets
Income from non-UK companies, rental properties, dividends, overseas investment, employment, or pensions.
Capital Gains from Selling Shares, Second homes, or other Investments
Earnings from upselling an asset, a second home, a collectable or a valuable possession, shares, or digital currency.
The self-assessment allows you to claim allowances and reliefs. This is the opportunity granted to mitigate the tax bill through legal means. The amount includes:
With the self-assessment process, the UK tax regulations ensure fairness in taxes and revenue. Varied sources of income, such as Capital Gains, freelancing, and investment profits, may go unrecorded, threatening the system. It bridges the tax gap to ensure transparency and compliance for anyone with untaxed gross income.
People under these circumstances need to file HMRC self-assessment in the tax year:
People earning extra income from freelancing, side hustles, side businesses, who are sole traders, making over £1,000 before expenses.
Every individual partner in a partnership business files a return alongside the partnership’s return.
If someone is a company director and receives an already taxed income from the PAYE and has no other claims to make.
Income that is sourced from rental properties, whether a single room or multiple homes.
Pension, overseas employment wages, company shares from international companies or rental property in foreign areas.
Profitable income or Capital Gains made from selling shares, property, secondary home, or investment funds.
Profitable income or Capital Gains made from selling shares, property, secondary home, or investment funds.
HMRC requires a tax return if the total income exceeds £100,000, and the personal allowance is reduced.
Claims for specific tax reliefs for marriage allowance, work expenses, or pension contributions.
If an HMRC notice is received to file the tax return, it is a legal requirement to complete and submit it even if you do not have any tax dues.
Let Cannytax take the stress out of your self-assessment and tax return. Our professional Accountants will ensure that everything is handled accurately with utmost care and compliance.
Cannytax thoroughly comprehends tax regulations and the self-assessment tax return. We can help you navigate your tax return filing with these simple steps.
We offer one-on-one consultations to understand your pain points and analyse the situation thoroughly. Our team checks the self-assessment criteria to see if you match and then crafts an outline timeline.
Our team assesses your situation and tells you exactly what documents to gather and provide. We believe in precision and not guesswork. You can have a clear and ultimate checklist of documents.
Our Accountants ensure accurate calculations, deductions, and tax reliefs, if any. We also notify you about tax-saving opportunities and guarantee error-free records before proceeding.
We will proceed with your submission after your approval. We file your tax return virtually and share a copy of the return with you to maintain transparency.
Our support does not end here. We manage follow-ups with HMRC, handle all queries, amendments, and take care of payments on accounts.
File your self-assessment on time without costly penalties and missed deadlines. Our professionals will make sure that HMRC self-assessment is filed before the deadline and is accurate!
At Cannytax, we ensure you undergo a smooth tax return process without penalties and errors. We help you prevent making mistakes such as:
Yes, if you’re on PAYE and you have additional income sources outside your salary, such as freelancing, dividends, etc, you need to complete HM Revenue and Customs (HMRC) Self-assessment tax return.
A self-assessment tax return must be completed if you’re self-employed, or a sole trader making more than £1,000, a business partner, earning over £100,000 per year, receiving rental or foreign income, claiming certain allowances or tax reliefs.
HM Revenue and Customs allows you to register online via their website. You’ll be required to provide personal details, business information, and National Insurance number. Once you’re registered, you’ll receive a UTR (Unique Taxpayer Reference) and your online account will be created.
The HMRC self-assessment includes several details such as employment income, rental property earnings, savings and investment income, Capital Gains, allowances and tax reliefs, or any other income you receive in the tax year.
To file self-assessment online, sign up for the Government Gateway account and enter all the relevant information. You can then file directly through HMRC’s website using your Gateways account, or you can use an approved accounting software. You can also hire professional Accountants like us to handle the filing process for you.
We don’t deal directly with HMRC but provide you with all the necessary guidelines and expert advice on how to file a self-assessment. It makes your process easy, stress-free and guarantees peace of mind.
There are several documents which are required to file a self-assessment, including personal details, income documents, Capital Gains, expense records, pension contributions, and other relevant documentation.
HMRC Self-assessment deadline for the tax year 2025/26 for paper tax return is 31st October 2025, and online tax return is 31st January 2026. After these dates, you’ll get a late filing penalty.
Yes, we can help you out in the filing process, but you’ll face possible penalties. File your assessment as soon as possible, and if you have a reasonable excuse, you can consider appealing.
You can face serious penalties if you file late, depending on the timeline by which self-assessment is delayed.;
