Self Assessment Tax Return: A Simple Guide for New Residents

What Is Self Assessment?

Self Assessment is HMRC's system for collecting income tax. Instead of tax being automatically deducted from your pay (PAYE), you report your income and claim deductions yourself each year.

Who Needs to File?

You must file a Self Assessment tax return if you:

• Are self-employed or a sole trader
• Are a company director
• Have rental income from property
• Have savings or investment income above £10,000
• Earn more than £100,000 a year
• Have income from abroad
• Are a partner in a business partnership

Key Deadlines

• 5 October — Register for Self Assessment (if you are new to it)
• 31 January — File your online tax return and pay any tax owed, plus first payment on account
• 31 July — Second payment on account

How to Register

1. Go to the GOV.UK Self Assessment registration page
2. Enter your personal details and National Insurance number
3. You will receive a Unique Taxpayer Reference (UTR) by post
4. Use your UTR to set up your online account

What You Will Need

• Your P60 or payslips
• Bank statements showing interest earned
• Rental income records (if applicable)
• Receipts for allowable business expenses
• Your National Insurance number

How to File

You can file online for free at GOV.UK, or use commercial software like HMRC's own free tool. Paper returns must be submitted by 31 October (and are no longer accepted for most people).

Penalties for Late Filing

• £100 fine immediately if you miss the 31 January deadline
• Daily penalties of £10 per day after 3 months (up to 90 days)
• 5% of tax owed if you pay more than 6 months late

Understanding your tax obligations is part of everyday life in the UK. Learn more about the UK tax year and payslips and P60s.