Understanding the Basics of a Self Assessment Tax Return: All You Need to Know
Introduction Filing taxes can be an overwhelming process, especially when it comes to completing your self-assessment tax return. However, understanding the basics of what is a self assessment tax return in this important document can alleviate some of the stress associated with it. In this article, we will provide you with all the information you need regarding what is a self assessment tax return , including what they are, who needs to file them, how they work, important deadlines, tips for reducing your tax liability through deductions and reliefs, common mistakes to avoid when filing your return, as well as answers to frequently asked questions. What is a Self Assessment Tax Return? So what is a self assessment tax return ? A self-assessment tax return is a document that individuals in the UK must complete and submit to HM Revenue & Customs (HMRC) each year. It is used to report your income, gains, and personal circumstances to determine how much tax you owe or if you ...