Starting a new business? Get 40% off our accountancy services for 3 months! 😎

x

There’s a lot to remember if you need to submit a Self Assessment tax return to HMRC. To help you keep track, our Self Assessment checklist details everything you need to include when sending your tax return.
 

Do I need to submit a Self Assessment tax return?

Where do I find my employment details for Self Assessment?

Income from a pension

Your self-employment and partnerships

Investment and other income

Your other relevant outgoings

Capital Transactions

 

If you earned more than the £1,000 trading allowance from self-employed sole trader or freelance work in the last tax year, then you’ll usually need to submit Self Assessment.

You’ll also need to send a return if you’re a partner in a business partnership, or if you earn money which isn’t from your employer or pension. For instance, if you receive dividend payments, and need to report them so you can pay Dividend Tax.

If you’re brand new to all this, read our Guide to Getting Started with Self Assessment.

Your Self Assessment tax return will ask for the details of any employments or directorships you held during the tax year. This might include work that you’ve done for an employer, or as an employee or director of your own company.

You’ll need to provide the details of how much you earned from each employment, and any tax that you’ve already paid on it. For instance, the tax that your employer deducts when they pay your wages. If you submit your Self Assessment tax return using the paper version of the form, you’ll need to include a separate supplementary SA102 form for each one.

Your Self Assessment tax return should also include the details of any pension income or taxable lump sums that you receive in a tax year.

 

Comprehensive tax return services

From only £24.50 per month

Learn more

Whether you made a profit or a loss, you’ll need to include your self-employment activities on your Self Assessment tax return. You should complete a separate section for each self-employment (or a separate SA103 Form if you submit a paper return).

If you receive any income from investments or other sources, then declare this on your Self Assessment return too. There are several potential sources, so we’ve set out a table which shows the kind of investment income you might have, and which documents show the information you need.

Investment income type Documents to refer to
Dividends from a UK company or unit trust, including shares (or units in lieu of dividends) Dividend/distribution vouchers showing the dividend received, as well as the date and tax credit.
Income from trusts, settlements, Deeds of Covenant and estates R185 or certificates of income and tax deducted.
Income from property All income and expenditure records, including any mortgage interest statements.
Interest from banks and building societies Certificates of interest received and tax deducted.
Interest from banks or building societies, received gross Statements of interest received.
Money withdrawn from life assurance policies or bonds Your Chargeable Event Certificate from the life assurance company.
National Savings interest received gross Statements of interest received.
Overseas income This might be in the form of dividend vouchers or other documents.

There might be costs associated with your self-employed business that you can also include on your Self Assessment tax return.

Types of outgoings Documents or examples
Employment expenses
  • A list of tax deductible expenses such as professional subscriptions or travel expenses
  • Pension contributions paid by you
  • Payments made (dates, amounts, policy details) and copy documentation
Gift Aid or Deed of Covenant payments
  • Gift Aid payments (charity, date and amount) and covenant details
Qualifying loans and mortgages
  • Lender’s statements showing interest paid and tax relief given
Student Loan repayments
  • Student Loans Company statement
Other payments qualifying for tax relief
  • For instance, payments to other people.

If you make a profit (or ‘gain’) from disposing of an asset then you might need to report this on your Self Assessment tax return in order to pay Capital Gains Tax. Disposing of an asset usually this means that you’ve sold it, but it can also mean that you’ve given it away, swapped it, or been compensated in another way for its loss.

Tax returns can be stressful! Learn more about our online accounting services, including support with your Self Assessment tax return. Call 020 3355 4047 and get an instant online quote.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

More posts by this author
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

March 2024 Client of the Month: Invisible Dragon

This month we spoke to Joe, Managing Director of Invisible Dragon!  Invisible Dragon | Twitter Hey Joe! Tell us about your business I’m…

Read More

Car and Vehicle Expenses for the Self-Employed

There are all sorts of reasons why you’d need a car or work vehicle if you’re self-employed. From tradespeople to healthcare workers,…

Read More

Staff Spotlight: Steve Kennedy, Sales Admin Assistant

This month we spoke to Steve Kennedy, Sales Admin Assistant at The Accountancy Partnership! Give an overview of the duties, functions and…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You will receive our bookkeeping software Pandle for free, as part of your package.

You can use this to complete your own bookkeeping, or we can provide a quote to complete your bookkeeping for you.

Please select and option below:

I will do my own bookkeeping
I want you to do my bookkeeping

Call us on 020 3355 4047 if you’re not sure.