Completing your self-assessment Tax Return.
Anyone who works for themselves, whether that’s as a sole trader, a freelancer, a contractor or running their own business, will need to complete a self-assessment tax return unless they are taxed under PAYE.
The majority of people are employed by a business or organisation and have their tax deducted at source, using the Pay As You Earn (PAYE) system. This means that the company they work for deducts their tax and pay it direct to HMRC automatically.
However, for the majority of the self-employed, whether that is their main job or in addition to traditional employment, will need to complete a self-assessment tax return in order to be taxed appropriately on their earnings by HMRC. You can let HMRC know that you are working for yourself by calling them or completing the registration process online through HMRC’s website and you should do this as soon as you can to ensure that you aren’t penalised for failing to keep your records up to date.
ACCOUNTICA specialise in dealing with the finances of small businesses, contractors and the self-employed so we have in-depth knowledge of all the latest legislation, we know what you can deduct as expenses and we know the best ways to organise your finances.
If you have any concerns about filling in your self-assessment tax return, you may benefit from using an accountant who will ask you for the relevant information and complete all the paperwork on your behalf, saving you time, stress and probably money too.
Get in touch on 07919221876 for more information on how we could help you.