Self Assessment

A self-assessment tax return exists to collect tax from businesses and people who do not have tax automatically deducted from their income. Self-assessment returns must be filled out once a year and sent to HMRC. Accountants such as Sleek can streamline the process, allowing individuals and organisations to save time and money.

If you operated as a sole trader or business partner in the last financial year (April-April), you must submit a tax return before the end of January the following year. If you have income from some other source, such as savings or money from a rental property, you also must report this. Using an accountant such as Sleek allows you to fill out a self-assessment easily and without error.

When filling out your self assessment tax return, you’ll need your Unique Taxpayer Reference, national insurance number and invoices that show your income and expenses. Working with an accountants such as Sleek allows you to streamline the entire process and avoids you making errors or accidentally paying too much.

You do not need to fill out a tax return if you are a sole trader who earned less than £1,000 in the previous tax year. This figure only applies to what you earned before taking tax relief off, however.