Tax Self-Assessment

Tax Self-Assessment

The self–assessment system imposes the major burden for tax compliance on the taxpayer, rather than on the tax authorities. What is self–assessment? The UK self assessment regime for individuals has now been in place for over a decade. Self assessment puts the onus on the taxpayer to complete returns accurately and on time. Tax must be paid on set dates but HM Revenue and Customs (HMRC) can be asked to compute the amount. Penalties may be charged for failing to comply with the requirements of self assessment. Who is affected? Self assessment affects all non–corporate UK taxpayers, including executors, trustees and individuals. It particularly affects those who: are sent a tax return each year have income which is not taxed at source are liable to higher rates of income ta... »