Question 1

Who needs to file a Self-Assessment tax return in the UK?

Accepted Answer

You must file a SelfAssessment tax return if any of the following apply to you in the 2024/25 tax year:

You must file if you were:

Selfemployed as a sole trader with income over £1,000 (before the trading allowance)
 A partner in a business partnership
 Earning over £100,000 per year from any source
 Receiving untaxed income of more than £2,500, such as rental income, tips, or commission
 A company director (unless you were a director of a nonprofit organisation with no income from the role)

Question 2

What are the Self-Assessment tax return deadlines?

Accepted Answer

There are several important SelfAssessment deadlines you need to be aware of for the 2024/25 tax year (which runs from 6 April 2024 to 5 April 2025):

Key deadlines for the 2024/25 tax year:

Deadline  Date

Register for SelfAssessment (if new)  5 October 2025 
 Paper tax return deadline  31 October 2025 
 Online tax return deadline  31 January 2026 
 Pay the tax you owe  31 January 2026 
 Second payment on account  31 July 2026

Why file online?

Filing online gives you an extra 3 months co

Question 3

What are payments on account for Self-Assessment and how are they calculated?

Accepted Answer

Payments on account are advance payments towards your next year's tax bill. HMRC requires them if your SelfAssessment tax bill is £1,000 or more and less than 80% of your tax was collected at source (e.g. through PAYE).

How they work:

Each payment on account is 50% of your previous year's tax bill. There are two payments:

First payment on account: Due 31 January (during the tax year)
 Second payment on account: Due 31 July (after the tax year ends)

Example:

If your 2023/24 SelfAssessment t

Question 4

What are the student loan repayment thresholds for Plan 1, 2, 4, and 5?

Accepted Answer

If you have a student loan, repayments are collected through your salary (via PAYE) or through your SelfAssessment tax return if you are selfemployed. The amount you repay depends on which repayment plan you are on and how much you earn above the relevant threshold.

2024/25 repayment thresholds and rates:

Plan  Annual Threshold  Monthly Threshold  Repayment Rate

Plan 1  £22,015  £1,834  9% 
 Plan 2  £27,295  £2,274  9% 
 Plan 4  £27,660  £2,305  9% 
 Plan 5  £25,000  £2,083  9% 
 Postgradu

Categories

Self-Assessment

Who needs to file a Self-Assessment tax return in the UK?

What are the Self-Assessment tax return deadlines?

What are payments on account for Self-Assessment and how are they calculated?

What are the student loan repayment thresholds for Plan 1, 2, 4, and 5?