Filing a self-assessment tax return is a very daunting task for people who have recently started their own business or have just started earning a secondary income other than their regular one. However, this process can be smooth and stress-free if you have the right approach and assistance for a professional self assessment tax return service. If you are not sure about the steps that you need to stick to, this guide will explore all the essential details that you need to know about the same, and how to manage it with ease. 

Introduction to Self-Assessment Tax Return

Self-assessment is a popular tax system that is used by numerous tax authorities across the world, such as HMRC in the United Kingdom. This system is used to collect tax from individuals and businesses that are not taxed automatically through PAYE (Pay As You Earn). This means that it is levied on self-employed individuals, freelancers, company directors, landlords, and anyone who is earning untaxed income. 

With the help of a self assessment tax return, people can report their total income, expenses, and allowance for the entire tax year. After you have submitted everything, the tax office will calculate how much tax you need to pay, or how much refund you will get. 

Who is required to file a Self-assessment tax return?

As we have already mentioned, a self-assessment tax return is usually for individuals or businesses that do not fall under the PAYE (Pay As You Earn) system. Take a look at the following categories that are subject to this tax. 

• If you are self-employed or a sole trader with earnings above the set tax threshold. 
• If you are a partner in a business partnership. 
• If you are getting rental income from a property. 
• If you have savings, dividends, or investments that are not taxed at the source.
• If you receive foreign income. 

It is important to keep in mind that even if your income is modest, you might be asked to file the self-assessment tax return to declare all the additional sources of your income to get tax relief. 

Registering for Self-assessment Tax Return 

If you have never filed a self-assessment tax return before, then you should know how to do the same. If you think that you are not able to do the same, then you can also rely on self assessment tax outsourcing, as there are numerous self-assessment tax returns services that will handle this entire process for you. These services will make sure that all the information is registered correctly, and you have filed the tax return without missing any deadlines. 

However, if you wish to do the same yourself, then you need to register yourself with the local tax authority of your region before the deadline passes. After this is done, you will get a unique taxpayer reference (UTR) number that you can use to log into your account and submit your details. 



Accounting Byte is an excellent accounting service provider that provides users with different kinds of services, and filing a self-assessment tax return is also a service provided by them. You can seek assistance from them if you are not interested in doing the same yourself.