A self-assessment tax return is the annual statement of your personal finances and is a legal requirement for most businesses. The government will refund the tax you owe if you filed it correctly. However, there are several deadlines you need to meet to receive your refund. The deadline for submitting your self-assessment tax return is 31 January 2023. As of January, you must have all of your information ready. Here
You Can Use A Tax Calculator
You can complete your Self Assessment tax return online or through software. You can download paper forms if you’re not comfortable filing online. If you don’t want to fill out the form online, you can use a tax calculator to estimate how much you owe based on your income tax band. In some cases, you might be required to provide additional information, such as dividends. In this case, you’ll need to complete an additional section, but this isn’t a big deal.
The process to file a Self Assessment tax return differs depending on the type of business you own. You’ll need to register with HMRC before filing your tax return. It may take up to 20 working days for HMRC to process your application. Make sure you have plenty of time to complete your return. Once your application is approved, HMRC will send you a Unique Taxpayer Reference (UTR) that you’ll need to file your self-assessment tax return. Once you’ve obtained your Unique Taxpayer Reference (UTR), you can file your self-assessment tax return online. In either case, you’ll be able to save drafts of your return as you go along.
