HMRC Self Assessment

A self-assessment is a tax filing form that outlines your earnings and expenses for the financial year. Self-Assessments are required by HMRC and are usually submitted by someone who is self-employed or a business owner. If this is the case it is highly likely that you will need to provide a Self-Assessment to HMRC, enabling them to deduct the relevant tax based on your earnings.

If you are newly self-employed, a business owner, or it’s been a long time since you last submitted a Self-Assessment, you will need to apply before the new tax year to allow HMRC to evaluate your income for the year. You can sign up for a Self-Assessment on the HMRC website and they will provide you with a Unique Taxpayer Reference (UTR), which will enable you to do this.

Self Assessment is based on your taxable year, so registration should take place by the fifth of October each year, at the end of the tax year for which you are completing the Self-Assessment.

If you are unsure of where to begin, the accountancy team at Venton are ready to take you through it to ensure you are ready for each Tax year.
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Filling in a Self-Assessment can feel overwhelming if you haven’t completed one before, but at Venton our team of expert accountants are here to provide the knowledge and assistance you need to submit the relevant paperwork with minimum fuss.

Once you have received your 10-digit UTR code, you will need the following information to get through the process:

• Your National Insurance Number.
• Details of any untaxed income for the relevant tax year.
• A P60, P45 or P11D if you have also been in taxed employment in the same period.
• Charitable donations or pension contributions that are eligible for tax relief.
• Business expenses that relate to your self-employed business.
  

When setting up your UTR you will have the chance to create a Government Gateway account, which you’ll need in order to submit your assessment online. At Venton our team can help you to set up a Government Gateway account to submit your assessment, easing any stress that you may feel as the deadline looms.

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Once you have submitted your Self Assessment to HMRC they will calculate what you owe based on what you have reported in the assessment. 

Once your payment has been calculated you will need to head to your Government Gateway account to pay your bill by January 31st. This payment can be handled in one go or broken up into monthly direct debit payments depending on your preferences and needs.

If you meet the threshold, you’ll also need to make a second payment in July. This is called a ‘payment on account’ and is measured against what you are expected to earn in the following year.

While we’re happy to offer advice to get you through the process, don’t forget that our qualified accountants can handle everything for you from start to finish, freeing you up to focus on what you do best. 

By using Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) Software, registering and submitting your Self Assessment is easier than ever with our team at your side. And, don’t forget, from 2026, MTD for ITSA will be a government requirement for all self-employed taxpayers or business owners – so, let us help you get ahead of the game. 

If you are looking for help with your Self Assessment as a startup or someone who is self-employed, please contact our friendly team for more information and to get started today.