Self Assessment explained

For millions in the UK, income tax is worked out for them and automatically deducted from their salary.

But for many others, they have to file a Self Assessment tax return, to work out what they owe HM Revenue & Customs (HMRC) on their income and capital gains.
 

You can find out more about Self Assessment and who needs to do one on the government's website.
 

All taxable income has to be included in a Self Assessment, not just income that hasn't been taxed at source. It’s also important to include any accounts that are now closed but may have had credit interest paid in the tax year.
 

You don’t need to wait until January to make a start. Once the tax year ends in April, we can get you the figures you need so you can get ahead of the game.

 

What’s a certificate of interest?

A certificate of interest (tax certificate) confirms the total amount of credit interest paid into an account over the tax year.

You might need a certificate of interest to complete your tax Self Assessment (your usual statements will show your credit interest if you want to calculate this manually).

You won’t need a certificate of interest for your 1st Account as we don’t pay any credit interest on this, but you may need one for your other accounts.

How do I get a certificate of interest?

You can either just get the figures or you can order a paper copy of your certificate of interest. Currently, you can't view your certificate of interest via our App or Online Banking. Please note: If you order a paper copy, it’ll normally take 10-14 working days to arrive.

To get a certificate of interest:

  • via our App – go to ‘Help’, select ‘Chat now’ and type ‘Order a tax certificate’
  • via Online Banking – select ‘Message us’ in the blue box and type ‘Order a tax certificate’.

To make next year easier, you can ask our chat team to set up an automatic annual issue of your tax certificate. So that’s one less thing to think about for your next Self Assessment.

When’s the deadline for completing a Self Assessment?

Each Self Assessment period covers a tax year beginning and ending in early April.
 

The deadline for Self Assessment is usually at the end of January each year if you complete your return online. For paper returns, it tends to be towards the end of October, or December if you'd like HMRC to collect tax through your wages or pension. You can get all the information you need as soon as the tax year ends – so it’s never too early to make a start.
 

If you miss the deadline there could be a penalty/fine, so make sure you have everything you need in good time. Remember: Our certificate of interest can take up to 14 working days to arrive.
 

If there are more delays you can be fined further. And after 3 months there are extra penalties of £10 per day, which can increase again after 6 months and 12 months.
 

HMRC also charges interest on any tax that’s due and not paid by the deadline.

Find out how to register and file your Self Assessment on the government's website.

How do I pay HMRC?

Once you’ve submitted your Self Assessment and received your bill, it’s easy to pay what you owe using our App or Online Banking. You’ll first need to find the relevant bank details for HMRC so you can make the payment.
 

For other ways to pay – such as Direct Debit, at a bank or building society, or by cheque – please visit GOV.UK.
 

Please don’t forget – it’s really important your payment to HMRC arrives on time. first direct can’t accept responsibility for any missed payments.