What is an essential feature of the self-assessment tax system?

The self-assessment tax system is designed around the principle that taxpayers are responsible for calculating their own tax obligations. This feature places the onus on individuals and businesses to assess their taxable income and determine the amount of tax they owe, rather than relying solely on the tax authority to compute it for them. This system enhances taxpayer engagement and accountability, as individuals must maintain accurate records and ensure compliance with tax regulations throughout the year.

The other options do not accurately reflect the core aspect of the self-assessment system. It is not limited to large corporations; rather, it applies to a wide range of taxpayers, including individuals and small businesses. While the system may simplify aspects of the filing process, it is not specifically aimed at salaried individuals. Moreover, self-assessment does not necessitate quarterly tax submissions for all taxpayers; the frequency of submissions can vary based on specific circumstances, such as the type of income and whether the taxpayer is required to make payments on account. Thus, the ability of taxpayers to independently calculate their tax obligations is the defining characteristic of the self-assessment tax system.