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Self assessment

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Self assessment

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  1. Purposeof self-assessment in accounting

  2. Self-assessment is a system used by HM Revenue and Customs (HMRC) to collect the income tax. Although, tax is usually withdrawn automatically from wages, pensions, and savings, in some cases, people have to fill in a tax return at the end of eachtax year.

  3. What information do you need to submit in a Self-assessmenttax return?

  4. In the self-assessment, you need to keep statements andreceipts throughout the year and complete an online return before the deadline.

  5. You will have to submit complete financial records, HMRC maycheck your records, and can penalize you if records are not complete, accurate,or readable. Remember that your records must include the following things:

  6. •Require documents related to benefits you may receive •Information about overseas income •Documents related to savings, investments, and pensions •Full Details of any rental income •Documents having information about your pay and tax

  7. If you are a self-employed sole trader or partnership, thenyou need to keep records of: • VAT records (if you are VAT-registered) • Include all expenses • Your personal income • PAYE records (if you employ other people) • Your sales and income

  8. Self-assessment can be complex if you do it by yourself. Youcan take assistance from BirminghamAccountants who are experienced and can carry out your self-assessment.

  9. Thanks For Watching

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