Do I need to send a Self Assessment tax return?
If you work for an employer, they usually deduct income tax and NI straight from your wages. But if you’re self-employed, you won’t have an employer to do this for you! Instead, you must submit a Self Assessment tax return to HMRC. This tells them how much you have earned, so they can calculate the tax you owe.
Self Assessment isn’t just for sole traders. You might need to submit a return if you receive dividends from a limited company, earn over the threshold for employed or investment income, or if you’re a partner in a business partnership.
Learn more about Self Assessment in our guide, or talk to us about our online accounting services for tax returns.