Self Assessment
Self Assessment was a simplification of the UK income tax system which came into effect in April 1996.
Under self assessment, anyone with additional income not accounted for under PAYE is obliged to keep records of it, and declare the details every year on a tax return form.
One of the key elements of Self Assessment is that it introduced fixed accounting periods, fixed dates for submitting tax returns, and fixed fines for missing these dates.
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