What is the self-assessment form and when do I send it in?
The self-assessment form is what you fill in after the end of the financial year to declare your earnings and highlight any business costs. HM Revenue and Excise use the information on this form to work out how much tax you owe them. You can find the form on their website. You can send in your self-assessment form any time after 5 April to declare the previous years’ earnings; but it must be received by HM Revenue and Excise by 30 Sept of the same year and be paid by 31 Jan of the following year at the latest. If the amount of money you owe to HM Revenue and Excise is over £500, you will have to pay by account and then pay 50% of this amount every 6 months. This is to ensure that tax is paid for those paying larger amounts.
