<p dir="ltr" style="line-height: 1.38; margin-top: 12pt; margin-bottom: 12pt;"><span style="font-family: Arial, sans-serif;">[size= 14.6667px; white-space-collapse: preserve]HMRC operates self assessment tax through a framework that puts the responsibility on taxpayers to compute their taxes before they report these amounts to theHMRC. Individuals who operate as sole traders as well as business owners and landlords or anyone earning income without tax deduction must register for self assessment tax. Reporting income and expenses and declared tax amount forms the core of filing under this system. Late filings of tax declarations result in imposed financial penalties. People need to maintain correct documentation while they can obtain clarification from a tax professional or utilize dependable software systems. [/size]</span>