Self assessment tax is filed by those who are self-employed to pay income tax and national insurance from your income.
Self assessment helps in calculating tax on your income. It is used by HMRC.
Typically, your tax is automatically deducted from your income, pensions or savings(known as PAYE) if any. However, if you have an additional source of income on which you need to pay tax then you must inform HMRC. Additionally, if you earned £100,000 or more last year as an employee or through pension. If you have earned £2,500 or more as per untaxed income bracket for example earning through renting a property. If you have earned £2,500 or more as per untaxed income bracket for example through any commission or tips. You must have a 10 digit Unique Taxpayer Reference (UTR) number beforehand. You must also have your National Insurance number to fill SA100 form.
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