Self Assessment Tax Returns: What You Need to Know

‍

If you are self-employed, a sole trader, a landlord, a subcontractor, or have extra income that is not taxed through PAYE, you may need to complete a Self Assessment tax return.
‍

For many people, Self Assessment feels stressful. There are deadlines, HMRC rules, expenses to include, and penalties if things are missed.
‍

At Go Tax Refunds, we help make Self Assessment simple.

‍

What is a Self Assessment tax return?

A Self Assessment tax return is how you report income to HMRC when tax has not already been fully collected.
‍

You may need to file a tax return if you are:
‍

• Self-employed
• A sole trader
• A CIS subcontractor
• A landlord
• Receiving untaxed income
• Earning income from more than one source
• Claiming certain tax reliefs
• Paying the High Income Child Benefit Charge
• A company director in some circumstances
  ‍

HMRC says people may also choose to fill in a tax return to claim some Income Tax reliefs, prove they are self-employed, or pay voluntary National Insurance contributions.

‍

Who needs Self Assessment help?

You may benefit from professional Self Assessment help if:
‍

• You are unsure what income to declare
• You do not know what expenses you can claim
• You are worried about making a mistake
• You have missed a deadline
• You have CIS deductions
• You are self-employed for the first time
• You have rental income
• You have more than one job or income source
• You want to know whether you are due a tax refund

‍

‍

‍

What expenses can you claim?

If you are self-employed, you may be able to claim business expenses that are allowable for tax purposes.
‍

Common examples include:
‍

• Tools and equipment
• Work clothing and PPE
• Van or car expenses
• Mileage
• Materials
• Phone and internet costs
• Insurance
• Accountancy fees
• Office costs
• Advertising
• Subscriptions related to your work
• Training costs, where allowable
  ‍

These expenses can reduce your taxable profit, which may reduce the tax you owe or increase your refund.

‍

Self Assessment for CIS subcontractors

If you work under CIS, your contractor may already deduct tax from your pay. However, you still usually need to submit a Self Assessment tax return to report your income and expenses.
‍

This is where many subcontractors receive a refund. Once your expenses are included, HMRC may find that too much tax was deducted during the year.

‍

What happens if you miss the deadline?

The main online Self Assessment filing deadline is usually 31 January after the end of the tax year. HMRC’s Self Assessment guidance covers deadlines, penalties, corrections, and who must send a return.
‍

Missing the deadline can lead to penalties, even if you do not owe tax. That is why it is better to deal with your tax return early instead of leaving it until the last minute.

‍

Why use Go Tax Refunds?

Go Tax Refunds can help you:
‍

• Register for Self Assessment
• Prepare your tax return
• Work out your allowable expenses
• Check whether you are due a refund
• Submit your return to HMRC
• Deal with tax return corrections
• Reduce stress and avoid common mistakes
  ‍

We make the process clear, simple, and straightforward.

‍

Get help with your Self Assessment tax return

Whether you are self-employed, working under CIS, or need help declaring extra income, Go Tax Refunds can help.

‍

Contact Go Tax Refunds today for friendly, professional Self Assessment tax return help.
‍

‍

‍

‍