Self assessment
Discussion
Quick question if anyone can help me, I am filling in my SA paper form (yes I know its late!), I have the SA100:
https://assets.publishing.service.gov.uk/media/661...
Once I declare all my income on there is there anything else needs filing, such as tax summary and how much I owe of will that be sent to me by HMRC?
https://assets.publishing.service.gov.uk/media/661...
Once I declare all my income on there is there anything else needs filing, such as tax summary and how much I owe of will that be sent to me by HMRC?
HMRC expects people to calculate their own tax liabilities - that's why they call it SELF assessment. However, if you submit a tax return without the calculations contained within it they will issue a Tax Calculation (SA302) telling you what you SHOULD have calculated.
Obviously, the filing deadline for paper returns is long gone (31 October 2024 as opposed to 31 January 2025 for on-line filing) so expect penalties. Whatever tax you do owe, you were supposed to have paid it by Friday (including any Payment on Account for tax year 2024/25) so late payments will result in intertest charges. There is also a 5% surcharge if the 2023/24 tax liability remains unpaid after the end of this month.
Obviously, the filing deadline for paper returns is long gone (31 October 2024 as opposed to 31 January 2025 for on-line filing) so expect penalties. Whatever tax you do owe, you were supposed to have paid it by Friday (including any Payment on Account for tax year 2024/25) so late payments will result in intertest charges. There is also a 5% surcharge if the 2023/24 tax liability remains unpaid after the end of this month.
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