What is a Self-Assessment Tax Return?

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A Self-Assessment Tax Return refers to a system applied by such tax departments as HMRC in the UK and enabling people and companies to declare income that is not subject to automatic taxation. This rule is relevant for anyone who is self-employed, a landlord, earns high income or has income from foreign sources. It helps in making sure that taxpayers state any income, gains and allowances as required rightly. It is from the reported figures that the tax due is determined. If submitted late or in the wrong format, it comes with a penalty. Online filing is possible and the general submission due date is January 31 for the prior fiscal term.