Do you need to file a self-assessment tax return? Find out here!

Filing a self-assessment tax return isn’t just for the self-employed. Many people in the UK need to complete one but may not realise it. If you miss the deadline, you could face penalties – so it’s important to know whether you need to register. 

Here’s how to determine whether you need to file a self-assessment tax return, plus what to do if you’re unsure. 

Who needs to file a self-assessment tax return? 

You must complete a self-assessment tax return if you fall into one of these categories: 

• Self-employed individuals – If you earned more than £1,000 from self-employment in the tax year.
• Company owners – If you receive untaxed income through dividends and not solely PAYE.
• Landlords – If you earn rental income, even if it’s just from one property.
• High earners – If your total income exceeds £150,000, or if you earn over £60,000 and claim child benefit (due to the high-income child benefit charge).
• Investors and savers – If you earn untaxed income from dividends, savings, or overseas assets.
• Freelancers, side hustlers, and gig economy workers – If you earn additional income outside of a PAYE job.
• Partners in a business – If you are part of a partnership and need to report your share of profits.
• Those with foreign income – If you earn money from outside the UK that hasn’t been taxed. 

Be aware: Even if your employer deducts tax through PAYE, you may still need to file if you have untaxed income. 

Who doesn’t need to file a self-assessment tax return? 

You don’t need to file if: 

• Your only income is from a full-time job with tax deducted through PAYE.
• You have no untaxed income (e.g., rental income, dividends, or investments).
• You earn under £1,000 from self-employment or side income (covered by the trading allowance).
• You’re retired and only receive income through state or private pensions. 

💡 Tip: If you’re unsure whether you need to file, speak to an accountant – or give us a call on 01296 681341 and we can check for you. 

When do you need to register for self-assessment? 

If you need to file a self-assessment for the first time, you must register with HMRC by 5th October following the end of the tax year in which you earned the income. 

📌 Example: If you started earning self-employed income in April 2023, you must register by 5th October 2024 and submit your tax return by 31st January 2025. 

What happens if you don’t file a tax return when required? 

If you fail to file your self-assessment tax return on time, you could face: 

• A £100 fine immediately after the deadline.
• Additional daily penalties of £10 per day (up to £900) if it’s more than 3 months late.
• A fine of 5% of your tax bill (or £300, whichever is greater) if it’s over 6 months late.
• Possible interest on unpaid tax. 

If you think you’ve missed a deadline, contact an accountant immediately to seek their advice and potential support to minimise penalties. 

Should I use an Accountant for my Tax Return? 

Filing a self-assessment tax return can be confusing—especially if you’re unsure what you can and can’t claim. A professional accountant can: 

• Ensure you only pay what you owe (and no more).
• Identify tax reliefs and allowances that could reduce your bill.
• Prevent late filing penalties by keeping you on track.
• Save you hours of stress by handling the process for you. 

Not sure if you need to file a self-assessment tax return?  

Our expert accountants at BAS Associates can assess your situation and handle everything for you. Contact us today!