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Business
Self-Assessment Tax Return
The form that self-employed people and company directors must complete each year to declare their income and calculate tax due.
Self Assessment is required for self-employed individuals, company directors, and people with complex income. Late filing or payment carries automatic penalties. Good record-keeping makes the process much easier.
It's the annual tax homework that self-employed people must hand in themselves.
Real world: A freelance designer or limited company director completes a Self Assessment tax return by 31 January each year, declaring all income, expenses, and claiming allowable deductions.
💡 Self Assessment is how the taxman collects the right amount from people who don't have tax deducted at source.