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Planning for your self assessment tax bill guide to paying your self assessment tax bill Planning for your self assessment tax billThe UK income tax year is 6 April to the following 5 April and so the tax year 2018/19 ran from 6 April 2018 to 5 April 2019.

You will need to complete a self assessment tax return if you are self employed, have untaxed income (eg rent, dividends), or if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit or contributions towards the upkeep of a child. Limited company directors are often required to submit a tax return.

A self employed person will pay both income tax and class 4 national insurance (NI) on their profits, the fixed rate of class 2 NIC plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

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