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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 2015/16 ran from 6 April 2015 to 5 April 2016.

You will need to complete a self assessment tax return if you are self employed, have untaxed income (eg rent), 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 plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

Student loan repayments collectable under self assessment (typically the self employed and directors receiving salary and dividends from their own company) are also included in the January self assessment payment but not in the payment in account.

Although the deadline is 31 January for e-filed tax returns, we suggest that your return is submitted to HMRC as early as possible.

Click here to download a useful pdf tax return checklist.

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