Do You Need to File a Self-Assessment Tax Return?
- Dec 4, 2021
- 3 min read
Updated: May 5, 2025
There are several reasons why you may be required to complete a Self-Assessment tax return. These typically include being self-employed, a company director, earning over £100,000, or having income from savings, investments, or property.
If you're unsure whether you need to file, read on for the most common scenarios and deadlines.
Key Scenarios That Require Self-Assessment
You will generally need to complete a Self-Assessment return if:
You are self-employed or a partner in a business
You’re a company director (unless you’re a director of a non-profit or charity and don’t receive any pay or benefits)
You have income from savings, investments, or property (e.g., rental income)
Your income exceeds £100,000
You made £2,500 or more in untaxed income during the year
You sold shares, a second home, or other assets and owe Capital Gains Tax
You earned income from abroad that’s taxable in the UK
You or your partner received Child Benefit, and your income (or your partner's) was over £50,000
For more details on whether you need to file, you can use the HMRC online tool: Check if you need to file a Self-Assessment tax return.
Key Deadlines
First-Time Registration:
If this is your first time filing a Self-Assessment return, you must inform HMRC by 5 October following the end of the tax year.
Example:
Jane becomes a company director in June 2020. She needs to file a tax return for the 6 April 2020 - 5 April 2021 tax year. She must register with HMRC by 5 October 2021 to file her return.
Filing and Payment Deadlines:
If you need to file for the 2020-21 tax year, the deadlines are:
Register by 5 October 2021
File your return by 31 January 2022
Pay any tax due by 31 January 2022
If you've missed these deadlines, don't worry! It's still important to register with HMRC and file as soon as possible. Delays can lead to penalties, so the sooner you address it, the better.
Why Would HMRC Ask You to Complete a Self-Assessment?
HMRC might also require certain individuals to submit a tax return even if they don’t meet the usual criteria. You may receive a request directly from HMRC to complete a return.
If you’re uncertain, HMRC’s online tool can help determine whether you need to submit a Self-Assessment return.
Common Self-Assessment Scenarios
You may need to file a tax return if:
Self-Employed: You run your own business or freelance.
Income Over £100,000: You earn more than £100,000 in a year.
Income from Savings, Investments, or Property: If your total income from these sources is over £10,000.
Capital Gains Tax: If you’ve made a profit from selling assets such as shares or property, you may need to pay Capital Gains Tax.
Child Benefit: If you or your partner earn more than £50,000 and you claim Child Benefit.
International Income: If you have income from abroad that is taxable in the UK.
Company Directors: If you’re a director, even if it’s for a non-profit or charity and you don’t receive pay or benefits.
What to Do If You Missed the Deadline
If you missed the registration deadline (5 October), you should:
Contact HMRC immediately to register.
File your Self-Assessment return and pay any taxes owed by 31 January.
If you're unsure where to start or have missed any deadlines, Glass Accountants is here to help! We can guide you through the process, help you avoid penalties, and ensure your tax affairs are in order.
Need Help With Your Self-Assessment?
Filing a Self-Assessment return can feel overwhelming, especially if you're doing it for the first time or if you’ve missed a deadline. At Glass Accountants, we’re here to make the process easier and ensure everything is filed correctly.
Contact us today if you need assistance registering, filing your return, or understanding your obligations. We’ll help you navigate the process smoothly, avoiding fines and penalties.
