SELF ASSESSMENT TAX

Aujla21 Jan, 2021Business

HM Revenue and Customs (HMRC) uses Self-Assessment system to collect Income Tax in the UK. In most of the case, if you are already registered, this tax is deducted at source like from wages, pensions and savings, through "PAYE". If it was not the case for you, you will have to pay your taxes through Self-Assessment Tax system. The term 'Self-Assessment' refers to the responsibility of individuals as well as companies, to work out the exact amount of tax they owe to the government