Self Employment & Self Assessment

self assessment & self employment

Self Employed is the simplest way to start a business, it could range to any business whether you work on a 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 a dividend from any company
  •       Overseas Income- If you have income sourced overseas you have to file self assessment return
  •       Income from savings and investments

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