What is self-assessment?

If you are self-employed, you pay Income Tax through Self Assessment. After the tax year ends on the 5 April, you will need to complete a Self Assessment Tax Return, which you can either do online or by filling in a paper form.

If you complete a paper tax return you need to make sure HM Revenue & Customs have received it by 31 October. You may be charged a penalty if your paper return is received after this date.

If you choose to do your tax return online, you need to make sure it is received by 31 January the following year, giving you an extra three months. If it is late, you may be charged a penalty.

Whether you complete a paper tax return or choose to do it online, you also need to pay any tax you owe by 31 January. If you pay your tax late, you will by charged interest from the date your tax was due and may be charged additional charges called surcharges.

For more help visit www.hmrc.gov.uk/sa  or call the Self Assessment Helpline on 0845 900 0444.