An Introduction to Record Keeping and Completing a Self-Assessment Tax Return
- Price: £3.60
- Published: March 2015
- Type: Business Information Factsheet
- Format: PDF
Every individual who has sources of income that have not been taxed under PAYE (Pay As You Earn) must declare their income to HM Revenue & Customs (HMRC) annually by completing a self-assessment tax return. This includes sole traders and partners who are running a business on a self-employed basis, individuals with investment or rental income and company directors.
This factsheet explains the business records that must be kept by self-employed people in order to complete a tax return, and covers how to complete and submit the return. The deadlines for submitting returns and paying tax, the penalties for missing deadlines, and how to correct a tax return and appeal against a tax decision are also explained.