Sef Employed

Sef Employed Tax Returns

 

If you are self-employed, you have to fill in a SA or a self assessment tax return each year. The questions that are asked on the form relate to the profits from the business and any other taxable income you may have like a rental income. This helps to calculate how much tax and National Insurance Contributions you are liable to pay. Though you have to keep records of all relevant information by law, it only helps making it easier when filing your returns.

Am I self-employed?

If this is your first time filing self-employed tax return, you are reading just the article. Let us first of all determine that you are self-employed and not an employee. If the answer to most of the questions here is a ‘yes' than you are self-employed:

In addition to this, it is also possible that you are self-employed partially and an employee of another business as well:

In these cases you are liable to pay tax and National Insurance Contributions as if you were an employee. If you still have doubts as to whether you are self-employed or not, you can contact your local HMRC tax office for further assistance. There is also a HMRC helpline (0845 915 4515) for those who are newly self-employed to answer all your questions.

How do I register myself as self-employed?

If you are newly self-employed, save yourself a penalty by registering through form CWF1 Starting up in business before the third month of your self-employment ends. The form is available through the local tax office or through HMRC's online form ordering services.

What all forms do I need to fill in for self-employment?

If you are registered as self-employed then the HMRC sends you a tax return every year in the month of April. This relates to the tax year gone by, from the 6th of April to the following 5th of April. Usually, these are the core pages of the self-employed tax return - forms SA 101 and SA 100. You may have to fill in some additional pages as well depending on the circumstances. Here are a few instances:

Mostly, it is best and easiest to fill and return your self-employment tax returns online. It offers an accurate and secure filling and the software calculates your tax automatically. If HMRC owes you money, you get an immediate acknowledgement and quicker repayment.

What are the deadlines for self-employed tax returns?

The self assessment deadlines and deadlines for sending in your return and paying any dues:

You must make sure to meet these deadlines to avoid any surcharges and penalties.

I am no longer self-employed, how do I file my tax returns?

Even if you are not self-employed anymore, you need to complete your main return and the supplementary self-employment form for the financial year in which you ceased to be self-employed. Use box 6 in form SA103S or box 7 in form SA103F to fill in the date when you stopped being self-employed. You can complete the rest of the form in accordance with your records.



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