Self Assessment

You usually need to complete one if you’re:

• Self-employed as a sole trader and earned more than £1,000
• A partner in a business partnership
• A company director (unless it’s a non-profit role and you have no income from it)
• Receiving untaxed income such as from renting out property, investments, tips, or foreign income

• Paper form: send it by 31 October after the end of the tax year
• Online form: send it by 31 January after the end of the tax year
• Tax payment: also due by 31 January

• Keep records of:
• • All income and sales invoices
  • Business expenses and receipts
  • Bank statements
  • PAYE income and P60/P45 forms (if applicable)
  • Any other untaxed income (like rent or dividends)
  • HMRC recommends keeping records for at least 5 years after the 31 January submission deadline

• You’ll face penalties:
• • £100 automatic fine if you’re up to 3 months late
  • Further daily penalties and interest if you’re later than that
  • You’ll also pay interest on any unpaid tax.