What is a Self Assessment Tax Return

A self assessment tax return is a form used by people who need to report to HMRC on untaxed earnings and they amount of tax they need to pay.  So when you are self employed, as everything you receive is untaxed, it is your responsibility to fill out this form so that HMRC can track your earnings and taxes.

One tax return covers one tax year and you need to include all your business income and earnings on the form so HMRC can see how you calculated your business profit.

In years gone by this used to be done on paper, fortunately you can now do this all online through your personal tax account which you set up when you registered for self employment.  Here is a sample paper version, which although should not be used will help add some clarity to the process of paying tax when you are self employed.

Tax Return Sample

Self Employment Tax Return Section Sample

Anita is a Chartered Accountant, turned blogger and creator of the ever popular free Go Self Employed Email Mini Course, which has been completed by hundreds of attendees all over the UK. Using her 10 years experience in accounting, tax and operations for Small Businesses, Anita is on a mission to make finance simple for the self employed, so they can stop stressing about tax & finances and focus on building profitable businesses which will give them the lifestyle they dream of.