If you earn money from being self-employed then you might need to submit a Self Assessment tax return to tell HMRC about your income. In this article we explain who needs to submit a return, and what information you might need to include.
If you’re self-employed, for instance because you’re a sole trader or you freelance, you should register for Self Assessment if you earn more than £1,000 from self-employment during a tax year (6th April – 5th April). You won’t need to register if your self-employed income is less than the £1,000 trading allowance.
What about if I work for an employer at the same time?
This is because your employer will only report on earnings relating to your employment with them, so it’s up to you to tell HMRC about any income you get from working for yourself.
Sole Trader accountancy services
From only £24.50 per month
How does Self Assessment work for self-employed people?
People who work as an employee usually have their tax and National Insurance contributions taken care of by their employer. If you also earn money from self-employment, then it’s up to you to report your income.