To help you out with understanding the Self Assessment tax return, you can watch this video to see the process of your tax return. We also prepared a whitepaper with everything you need to know and a step-by-step guide on how to do your tax return. You can download it via the attachment.
To help you find out if you need to file a tax return, you can use this checklist. If you need to file a tax return, make sure to register for Self Assessment before the 5th of October, otherwise you might receive a penalty.
A tax year runs from the 6th of April to the 5th of April, and you need to make sure to pay your tax return before the 31st of January the following year. Make sure you’ve got your information and records at hand, as you will need this information to fill in details in your tax return.
Example
The tax year starts on the 6th of April 2023 and ends on the 5th of April 2024. You will need to pay your tax return before the 31st of January 2025.
Steps
Log in to your Government Gateway account with the user ID and password you received with your registration. Then you’ll be asked to provide the following information:
Step 1 | Personal details — like your date of birth and marital status.
Step 2 | Tailor your return — fill in the sections that apply to you.
Step 3 | You will be asked if your self-employed income exceeds £1,000. You may also need to answer ‘Yes’ if you have not exceeded the threshold (check the Help about for further information).
Step 4 | Then, start by selecting ‘Fill in your return’ and ‘Enter self-employment details’. The process then starts with providing information on your annual turnover (earnings).
Step 5 | Paying tax — If your annual turnover exceeds £90,000, you may have to register for VAT.
Step 6 | Tick anything on the list that applies to you.
Step 7 | You will have to provide information about your business, including its name and a description. On page three, you must add your accounting details. It is recommended to use the 5th of April as the date your books are made up to, as it is the end of the tax year. Answer the remaining questions and check ‘Help about’ when you are unsure what things mean.
Step 8 | You must provide your turnover figures and any other business income. Here you can also claim Trading Income Allowance, but keep in mind this means you cannot deduct any other expenses. If you do not use the allowance, provide your expenses below. When done, your calculations will appear at the bottom of the screen.
Step 9 | The following sections cover Capital Expenses, Adjustments, Losses, Tax Deducted, and Class 4 National Insurance Contributions. At the end, you will see a summary so you can check everything. Do not forget to submit your return once done.
