Self Assessment

Self Assessment is a system used by HM Revenue & Customs (HMRC) in the UK, where individuals, such as the self-employed or those with other untaxed income, report their income and calculate how much Income Tax they owe by filling out a tax return. It requires individuals to declare their earnings, expenses, and any other taxable income for the year, and submit this information to HMRC by a set deadline to pay the correct amount of tax. This system is used by people whose tax is not automatically deducted from their wages or pensions.

Note:

The UK government has introduced Making Tax Digital for Income Tax, which will replace Self Assessment returns for the self employed and those with property income.