top of page
Search

Self Assessment - Tax return



Self Assessment is a HMRC system used to collect Income Tax.


If you are employed, tax is usually deducted automatically from wages and you don’t need to send self assessment if it’s your only income. People and businesses with other income (including COVID-19 grants and support payments) must report it in a tax return.


You must send a tax return if, in the last tax year (6 April to 5 April), you were:

-a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)

-a partner in a business partnership or a director in the company


But you may also need to send one if you have any other untaxed income, such as:

-some COVID-19 grant or support payments

-money from renting out a property

-tips and commission

-income from savings, investments and dividends

-foreign income

-income from selling things like shares or a second home


Remember that if you are registered for Self Assessment, you must complete a return even if you have not earned enough. You should inform HMRC about any change in your circumstances and deregister as soon as you stop being self employed. You will also need to send the final tax return.

You can check if you are required to send a tax return by visiting: https://www.gov.uk/check-if-you-need-tax-return. You can also contact us to get professional advice and discover our services for sole traders.


Make sure your self assessment is completed before the 31 January deadline!


Comments


Commenting has been turned off.
bottom of page