A self-assessment tax return is a form you or your accountant must complete if you receive income outside of formal employment. It is to declare your annual earnings and calculate the amount of tax you owe. Completing a tax return does not necessarily mean you will have to pay tax; in some circumstances, it could actually result in tax savings. HMRC sends you your tax return to your business’ registered office or informs you that you must complete a tax return online.
A personal tax return takes many factors into consideration to calculate your tax bill, so it pays to be prepared with evidence of all your business income and work expenses. There are tax implications with all manner of money sources and outgoings, and it all goes on your self-assessment tax return. Accountants can be very helpful when you have a complicated situation, to make your job hassle-free.