What is the primary responsibility of an individual under self-assessment income tax?

The primary responsibility under self-assessment income tax is to calculate their own tax liability. This means that individuals are accountable for determining the amount of tax they owe based on their income and allowable deductions. Self-assessment places the onus on the taxpayer to understand their financial situation and ensure compliance with tax laws by accurately reporting income and expenses on tax returns. This system is designed to encourage taxpayers to take responsibility for their financial reporting and payment, rather than relying solely on tax officials to perform these calculations for them.

While hiring a financial advisor can be beneficial for understanding complex tax situations, it is not a requirement in the self-assessment system. Additionally, self-assessment is specifically focused on personal tax obligations rather than employer-related tax submissions or taxes on dividends. The essence of self-assessment is the capacity and duty of the individual to manage their own tax affairs.