Self Assessments
Self Assessment Tax Returns
As taxes are not deducted automatically from business income, self employed individuals must report their income on a tax return. You must send a tax return if you are a sole trader (earning more than £1,000), a partner in a business partnership or have any untaxed income which is not your wages or pension. In your records you must include documents surrounding:
- Income from employment
- Other incomes or benefits from your job
- Expense records
- Benefit Records
- Income from employee share schemes or share- related benefits
- Documentation relating to savings, investments and pensions
- Pensions information
- Rental income
- Capital gains or losses (for Capital gains tax if you sell or dispose of certain assets that have gone up in value since you owned them)
- Overseas income
You can send your return using a commercial software or paper forms (paper forms must be used for SA970). Deadlines for your tax return can be found here.
HMRC will use your report to calculate what you owe, so you can pay your Self Assessment bill by the 31st of January.
If you need help with your tax returns, we can help you.
