Finalise your income tax position
How to file your Self Assessment tax return while volunteering to use Making Tax Digital for Income Tax.
Once you have made all the adjustments to your business income and expenses, you will need to finalise your Income Tax position for the year.
You may need to send HMRC information on personal income sources, such as savings or dividend income.
These income sources do not contribute to your qualifying income. This means you do not need to include them in your quarterly, but you can choose to do so if your software has the functionality.
Once you have told HMRC about all of your taxable income for the year, you can make your final declaration.
This is the last step of reporting your income to HMRC and filing your Self Assessment tax return. You still need to make a final declaration even if you have no personal income sources.
When you make your final declaration, you will be declaring that:
- the information you have provided is correct and complete
- you have finalised your Income Tax position for the tax year
You can make your final declaration through your Making Tax Digital for Income Tax compatible software if either:
- you’re able to submit data on all of your personal income sources through your software
- you do not have any personal income sources to declare
If your software does not support the submission of your personal income sources, it will be possible to use your HMRC online services account to submit this data instead.
You must make your final declaration by 31 January following the end of the relevant tax year. If you miss the deadline for your final declaration, you may need to pay a late submission penalty.
The information provided will then be used to generate your final Self Assessment tax bill for that tax year.
If you do not pay your Self Assessment tax bill by the relevant deadlines, you may need to pay a late payment penalty. Making Tax Digital for Income Tax will not change the way you pay tax or the dates payments are due.