HMRC has provided a friendly website page that helps you understand all about self-assessment tax returns.

It is important to note that the self-assessment tax year starts on 6^th April and ends a year later, on 5^th April. You will need to collect all your taxable earnings during this “Fiscal” tax year.

There are three key dates to bear in mind:

– 5^th April: the tax year-end date for personal self-assessment tax
– 30^th October: deadline date for submitting a tax return to HMRC in paper format (postal)
31^st January: This is the ultimate deadline for submitting a tax return online. Please note that this is also the date on which tax liabilities must be paid.

You only pay tax once you have exhausted your personal allowance. A personal allowance for tax purposes is the amount of money you can earn before paying tax.

Personal allowances increase over time in line with Consumer Price Index otherwise known as CPI. The personal allowance for the tax year 2022/23 was £12,570. Any good accountants for property investors will be able to shed light on how to reduce your tax liabilities using the most basic techniques.