Getting your Self Employed tax return right

Getting your Self Employed tax return right

To work out whether you must pay income tax, you need to fill in the self-employment supplement (SA103) as well as the main tax return.

Usually, this is sent to you automatically once you've registered as being self-employed.

If you have registered but don’t receive one, you can download it from the HMRC website or get a copy by calling the HMRC orderline (0845 900 0404).

Tax return supplements

There are now two tax return supplements – a short one and a full one.

You can fill in the short one if your turnover for 2014/15 was £77,000 or less and there are no complications like a change of accounting date, for example.

However, you cannot use the short one if your accounting period is not the same as your basis period (i.e. your business year), so you may not be able to use it in the first year. The onus is on you to make sure you get the right supplement.

Getting the right advice and an affordable accountant

Of course, by instructing an accountant, you can avoid worrying about this – self employed tax return services from Omni Chartered Accountants start from as little as £95.

To find out more, request a free of charge call back from our website or click here and we will contact you at your convenience to discuss the options available to you.