Self assessment
                     Purpose
of self-assessment 
in accounting
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withdrawn automatically from wages, 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 each
tax year. 
WHAT INFORMATION DO 
 
YOU NEED TO SUBMIT IN A 
SELF-ASSESSMENT
TAX RETURN?
 In the self-
assessment, you 
need to keep 
statements and
receipts 
throughout the 
year and 
complete an 
online return 
before the 
deadline.
 
You will have to submit 
complete financial 
records, HMRC may
check your records, 
and can penalize you if 
records are not 
complete, accurate,
or readable. 
Remember that your 
records must include 
the following things: 
•     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
If you are a self-employed sole trader or partnership, 
then
you 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
Self-assessment can be complex 
if you do it by yourself. You
can take assistance from 
Birmingham
Accountants who are 
experienced and can carry out 
your self-assessment. 
Thanks 
 For 
Watchin
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