Self assessment is a system allowing you to submit your own tax return. You might have to complete a self assessment return if you receive taxable income in addition to income already taxed through pay-as-you-earn (PAYE). As well as employment or pension income, you must list all other income sources, such as income from self employment. When filing online, the self assessment system automatically calculates the tax owed; if you send in a paper return to HMRC they will calculate the tax or you can do so yourself.

Accounting

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