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Moneyextra.com Dictionary
Self Assessment
Self assessment. The biggest shake up of the U.K. tax system since the introduction of PAYE in 1944 was implemented on 6 April 1996. Self Assessment is the system by which nine million individuals are responsible for working out their own tax bills and paying the Inland Revenue.
The Revenue will use the information provided to calculate tax bills and only later will it return to the calculations and check them. The system doesnt affect everyone but covers those who are self-employed partners pensioners company directors and those with complicated affairs. Together with the launch of Self Assessment tax was required to be paid on a "current year" basis replacing a previous year basis. This means you pay tax on expected earnings for the present tax year and adjustments are made later either in the form of a refund if you earn less than was expected or a further tax bill if you earned more. ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com