Tax Self-Assessments – do you Need to Complete One?

| Posted on: May 17, 2018

A tax self-assessment is used for people who work freelance or who run their own businesses, to make sure they have paid their taxes and paid the right amount. You will need to complete one after each tax year in order to make sure you have paid the tax you owe.

You will need to be registered with HMRC in order to do this. Once you have registered, you will be given all of the details you need to submit your self-assessment. This process may feel quite complicated if you have not done it before, so some people choose to engage the help of an accountant or bookkeeper, especially if their finances are more complex.

Anyone who earns any money and doesn’t have a tax code and invoices their customers, or takes payment in cash, will need to fill out a tax self-assessment. Even if you don’t owe money, you should still do it to be all above board.