If you are self-employed and have income from a business, you will need to submit a self-assessment tax return. This is a mandatory document that you must submit on or before the due date. You will need to report all of your earnings and expenses as well as any tax-deductible expenses you may have. The tax year runs from the 6th April to the 5th April of the following year. To file an online return, you must complete the form by the 31st of January. Paper returns must be postmarked by the previous October 31st. The tax bill must be paid by the 31st of January. Incorrect or incomplete information can lead to an investigation by the tax office. Go Now
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Income from the self-employed should be reported every year. Sole traders must declare any dividend income they have received from a limited company. Sole traders should report any income they earn every year, even if it is less than PS1,000. However, if you are a sole trader and earn less than PS1,000 per year, you may not need to file a self-assessment tax return.
If you have never filed a self-assessment tax return, you should register with HMRC first. By doing this, you will have your Unique Taxpayer Reference, which you need for all tax activities, including your self-assessment. You can also use this unique reference to set up a free Government Gateway account and get your tax-related documents online. There are two ways to file your return: by paper or online. However, you can still file your return online with some software.