Most junior doctors and most of the population will have income tax deducted automatically from their pensions, savings and dividends. A small number of people will need to fill out a Self Assessment tax return to report how much tax they should pay.
Please bear in mind the information provided below doesn’t represent official financial advice. It’s just guidance to help you make independent informed decisions!
Who needs to fill in a Self Assessment tax return?
HMRC may not prompt you when you need to submit a Self Assessment return, so it’s important to be aware of when you ought to. The easiest way to check whether you need to fill one in is through HMRC’s online tool.
The following list is non-exhaustive but includes many of the common reasons for completing a Self Assessment return.
You may need to complete a return if you:
- Earned self-employment income over £1,000
- Have a total income of over £100,000
- Earned over £50,000 in income (or your partner did) and you claimed Child Benefit
- Earned rental income over £2,500
- Have savings, investment or dividend income over £10,000 (outside of an ISA)
- Have any dividend income and pay the higher or additional rate of tax
- Have untaxed ad-hoc income (such as cremation form fees, tips, interest or cash payments) over £2,500
- Are claiming more than £2,500 in tax relief for employment for the tax year
- Earned any other untaxed income from a trust, pension or from outside the UK
- Have to pay any Capital Gains Tax
Self Assessment deadline
The deadline for filling out a Self Assessment tax return and paying the taxes due can be found here every year.
Generally, the deadline for filling in by paper and posting in is October 31st following the end of the tax year. Generally, the deadline for filling in online and paying the balance is January 31st following the end of the tax year.
Do note that if it is your first time completing a Self Assessment return, you should allow enough time to register your details with HMRC. This process can take up to 21 days so it’s important to get started in time for you to meet the deadline.
How do I complete a Self Assessment tax return?
If you have decided you need to complete a Self Assessment return, follow this link to the HMRC website.
You can either fill out the returns by hand, use accounting software to help with your return, or hire an accountant to help submit your return.