Definitions for "Self Assessment"
System of collecting tax from: Individuals i.e. the self employed and some others with a tax obligation other than under PAYE. It began for individuals on 6th April 1996. Companies in respect of accounting periods finishing after 1st July 1999. Replaces the Pay and File System.
All taxpayers are obliged by law to maintain records of all income and capital gains, and need to complete a self assessment if you are: self-employed, a company director, a business partner, an employee with 'complicated' tax affairs, such as capital gains or you pay the higher tax rate,etc
Tax system introduced in April 1996 where certain individuals are responsible for working out their own tax liability and reporting to the Inland Revenue. Those affected are typically the self-employed, partners, pensioners and company directors.
The type of assessment undertaken by the learner in order to evaluate her/his performance, strengths and weaknesses. See also Peer assessment
Assessment completed by the learner him/herself to evaluate his/her own performance, strengths and weaknesses.
Process where the learner determines personal level of knowledge and skills.