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Self Assessment Tax Returns – What You Need to KnowWritten on October 12, 2025 by Kirk Rice LLP

Currently, more than 11 million people are required to file Self Assessment Tax Returns (SATR) in the UK as a means of notifying HM Revenue & Customs (HMRC) of their chargeability to tax on their various sources of UK and overseas income or capital gains.

This article is intended to provide information on SATR for those individuals who may be affected.

Who might be required to file a SATR?

• The self-employed running their own business, earning over £1,000 per year.
• Partners working in a partnership or LLP.
• Directors of limited companies.
• Most landlords owning rental property.
• Individuals in receipt of investment income such as dividends or bank interest. In some cases, for example nil rate tax bands, you may not need to pay. If you are unsure, you can check in with us.
• The higher earning partner whose income is above £60,000 and where they, or their partner, have claimed child benefit.
• People with other sources of untaxed income.
• People making chargeable capital disposals of land & property, shares or other assets.
• Non-UK resident individuals who have sources of income or gains arising in the UK.
• People wishing to reclaim higher rate or additional rate tax relief on their private pension contributions or charitable donations as well as relief for venture capital schemes.
• UK residents with overseas sources of income or gains on which UK tax is due, or non-UK domiciled individuals wishing to claim the remittance basis of taxation. The remittance basis only applies for 2024-25 tax year. For future tax years it will no longer be possible to use the remittance bases, although remittance of income/gains from earned may still be taxed.

For a full list please see the HMRC website

Who usually doesn’t need to submit a Self Assessment Tax Return

These points cover the most common cases of those that don’t need to submit an SATR, but your situation may differ. If you’re unsure whether you need to file, it’s best to check with us with plenty of time ahead of the deadline.

You usually don’t need to complete a return if:

• Your only income is from PAYE employment or pensions, and all tax has been correctly deducted at source.
• Your savings or dividend income is small and within HMRC’s tax-free allowances (for example, within the Personal Savings Allowance or Dividend Allowance), or it’s all held within an ISA.
• You’re not self-employed, you don’t rent out your property to tenants and have no other untaxed income.

If you have been issued with a tax return by HMRC but you believe you don’t need to file it, you’ll need to contact HMRC and ask them to cancel it.  This is important because if the tax return isn’t cancelled, HMRC will issue penalties when they don’t receive it.

What responsibilities does an individual have with regards SATR?

It is the responsibility of each individual to notify HMRC of their need to pay tax, or to file a SATR. This should have been done no later than 5 October following the end of the tax year in which the unpaid tax arises. For example:

• For the current tax year (which finishes on 5 April), the notification of a person’s chargeability to tax should be made to HMRC by 5 October, following the tax year end.
• Any unpaid tax that is due for payment to HMRC must be paid by 31 January, after the end of the tax year.
• You can see the latest tax deadlines here: https://www.kirkrice.co.uk/resource-centre/tax-calendar/

The UK tax system has seen radical changes over the last few years, with a greater emphasis on electronic filing.

• For electronic tax returns, the deadline for submission is usually 31 January.
• The deadline for filing paper tax returns is the 31 October, following the tax year end.
• You can see the latest tax deadlines here: https://www.kirkrice.co.uk/resource-centre/tax-calendar/

This is something that Kirk Rice LLP can do for you, or alternatively you can register with HMRC to file the return yourself on the Gov.UK website. Be aware: it can take a few weeks to receive your online login in the post.

For further information with regards to your responsibilities and how we can help, click here

What happens if a SATR is filed late?

Tax returns that are filed after the filing deadlines will incur penalties:

• An automatic £100 late filing penalty.
• Where the tax return is three months late, a daily penalty of £10 per day can be levied for up to 90 days (taking daily penalties up to a maximum of £900).
• For tax returns left unfiled six months after the filing date, a percentage of the tax due is then levied at 5% or £300 (whichever is greater) with the option for HMRC to raise an assessment of the tax due.
• Unpaid tax at 31 January following the end of the tax year in question will be subject to daily interest charges, and then a 5% penalty if it is 30 days late.
• A further 5% for unpaid tax six months following the deadline, and an additional further 5% penalty if any tax remains unpaid 12 months following the payment deadline.

Unless you can satisfy HMRC that you have a reasonable excuse for missing the filing or payment deadlines, the costs can be considerable. Early planning is, therefore, essential to ensure that you gather all your tax information together and provide it to us soon as possible after 5 April each year (if using Kirk Rice to prepare your SATR on your behalf).

Does an individual need to keep their tax information?

It is important that you keep and safely file all tax documents you receive during the year which will be needed by you, your accountant or tax advisor to prepare your tax return.

Employers and private pension companies are required to provide a P60 year-end summary of gross income paid and income tax and National Insurance Contributions withheld. When you leave an employment part way through the year, your employer should provide you with a P45 form that summarises the same information for the period of employment.

In relation to investment portfolios, investment managers should provide year end consolidated tax certificates and capital gains summary reports.  Letting agents should provide monthly statements of income and expenses on let properties. Banks will normally provide annual year end interest certificates, and dividend vouchers will normally be provided for dividends received throughout the year.

For those in receipt of income from trusts and estates, a form R185 should be provided by the Trustees and Executors (or their solicitors/accountants) respectively.

All of these, and much more, are necessary for the successful and accurate preparation of your tax return and therefore need to be kept by you.

What if an individual doesn’t have time to sort out their tax return?

Here at Kirk Rice LLP, we have a team of personal tax advisors who are dedicated to helping you through the Self Assessment filing process.  We can make sure that you meet all filing and payment deadlines. For some, tax returns can become complex.  Our aim is to give you peace of mind, to keep you on the right side of HMRC, and to ensure you pay the right amount of tax.

If you require any help with your Self Assessment tax return (SATR) please email info@kirkrice.co.uk to arrange an initial chat.

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Please note: This article is correct at the time of publication and subsequent changes in law and regulations may not be reflected.  Answers are given for general guidance only and you should take specific advice before acting on any of the suggestions made.