Self-Assessment 101

HMRC use self-assessment to get personal income tax from people who aren't taxed at source. If you take dividends, interests or cash in exchange for work, chances are, you'll need to do a self-assessment.

You'll need to submit your self-assessment and pay any related tax by the end of January after the end of the income tax year (5th April). You'll also pay more or less depending on which income tax band you're in. There's a separate rate for capital gains tax. For a quick reference, take a look at the tables on this page.

Don't miss your deadlines!

If you miss the tax return deadline, you'll get a penalty: £100 if you're up to three months late, and more if it's later or if you miss your payment deadline. There are several ways you can ensure yours get submitted accuretly and on time

Government Guideance online

Tax Rates & Allowances 2017/18

Band Income Rate Dividend
Rate
Dividend Allowance £5000 n/a 0%
Personal Allowance Up to £11,500 0% 0%
Basic rate Up to £45,000 20% 7.5%
Higher rate Up to £150,000 40% 32.5%
Additional rate Over £150,000 45% 38.1%
CGT (Property) Over £11,300 28% n/a
CGT (Other) Over £11,300 20% n/a

Tax Rates & Allowances 2018/19

Band Income Rate Dividend
Rate
Dividend Allowance £2000 n/a 0%
Personal Allowance Up to £11,850 0% 0%
Basic rate Up to £46,350 20% 7.5%
Higher rate Up to £150,000 40% 32.5%
Additional rate Over £150,000 45% 38.1%
CGT (Property) Over £11,700 28% n/a
CGT (Other) Over £11,700 20% n/a