Self Employed is the simplest way to start a business, it could range to any business whether you work on small scale or on large scale, whether you have a team working for your or you are a sole trader in the business, if you are self-employed, you would need to complete a Self Assessment tax return.
However there are certain situations where even if you are not into a business you will still need to submit self assessment tax return, these situations are as below
- Employed-Your earning is more than £100,000
- Landlord- You have rented out the property and are receiving rent from the property in the UK
- Director- If you are a director you have to file your self-assessment return for the tax year
- Interests-If you’re receiving interest from a bank or any other financial institution
- Dividend- If you receive dividend from any company
- Overseas Income- If you have income sourced overseas you have to file self assessment return
- Income from savings and investments