Self employed and self assessment tax returns

Self employed and self assessment tax returns

The brief guide to self employed and self assessment tax returns

If you’re self-employed you will normally need to fill in a Self Assessment tax return each year.

The Self Assessment process can seem confusing and as the government often make changes you must keep up to date with your requirements.

Am I self employed: HMRC consider you self-employed if:

– you have the final say in how the business is completed

– you are responsible for meeting any losses as well as profits

– you can employee someone on your own terms to work for you

you decide what work to do, areas covered and how you do it

– you regularly work for other people or companies

you complete unsatisfactory work in your own time and at your own expense

Registering for Self Assessment 

To register for Self Assessment, you can visit the gov.uk registration page and submit your details or contact us and we will help you through the process.  Once you’re registered you’re then able to file your tax return. This can be done online at HMRC, via an accountant or through online filing software.

Online Tax return deadlines

The deadline to file your self assessment is 31st January, following the end of the tax year (2017-18 tax year, must be filed by 31st January 2019).  After submitting your tax return, you need to pay the tax you owe. The deadline is usually the same as the final date for online Self Assessment tax returns (31st January).

Payment

If you are struggling to pay your tax, do not leave it, contact HMRC ‘Time to pay’ and you should be able to arrange a payment plan.

Contact us if you need more information.

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