Self-employed Tax Return

Contents

Overview

Completing a self-employed tax return can seem intimidating, but it's actually a fairly straightforward process if you know what to do. 


You must decide which method you want to file your self-employed tax return to work out your filing deadline. You can sign up for HMRC email reminders to alert you to upcoming deadlines and helpful tips about self-employment.

Deductible Expenses

Many business expenses are considered deductible for tax purposes, as long as they are incurred "wholly and exclusively" for the purpose of your business. Here are some examples of business expenses that are typically considered deductible:

These are just some examples of business expenses that are typically considered deductible for tax purposes. However, it's important to note that some expenses may be subject to restrictions or limitations, so it's always a good idea to consult with a tax professional or accountant to determine what expenses are deductible for your specific business.

Non Deductible Expenses

While many business expenses are considered deductible for tax purposes in the UK, there are also some expenses that are considered non-deductible. Here are some examples of business expenses that are typically considered non-deductible:

These are just some examples of business expenses that are typically considered non-deductible for tax purposes in the UK. It's important to keep detailed records of all your business expenses and consult with a tax professional or accountant to determine what expenses are deductible for your specific business.

Gather Financial Records

When completing your self-employed tax return, you'll need to provide a record of your income and expenses to determine your taxable income. Here are some of the financial records you should gather to help you complete your Self Assessment tax return:


By keeping these financial records, you'll be able to accurately report your income and expenses on your Self Assessment tax return. It's also a good idea to keep these records organised and up-to-date throughout the year, so that you're ready to file your tax return when the deadline arrives.

Completing the Tax Return

Completing a self-employed tax return can seem intimidating, but it's actually a fairly straightforward process if you know what to do. Here's a simple guide to help you complete your self-employed tax return:


By following these steps, you should be able to complete your self-employed tax return with ease. If you have any questions or concerns, it's always a good idea to consult with a tax professional or an accountant.