Navigating the UK tax system can be confusing, especially when terms like Self-Assessment and Tax Return are often used interchangeably. If you’ve ever asked yourself, “Are Self-Assessment and Tax Return the same?”—you’re not alone. In this blog post, we’ll break down the differences, similarities, and significance of both terms. Whether you’re a self-employed individual, a freelancer, or someone with multiple sources of income, understanding these terms is crucial for staying compliant with HMRC regulations. What Is a Self-Assessment? Self-Assessment is the system used by HM Revenue and Customs (HMRC) to collect Income Tax from individuals whose tax isn’t automatically deducted from their wages, pensions, or savings. It is your responsibility to report your income and calculate how much tax you owe. Key Facts About Self-Assessment: Filing through Self-Assessment means you…