What is Self Assessment and do I need to register?

Q: What is Self Assessment and do I need to register?

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. You must file an online Self Assessment tax return if, for example, you are self-employed as a sole trader and earned more than £1,000 (before taking off anything you can claim tax relief on). If you did not send an online return last year, you’ll first need to register for Self Assessment with HMRC. Tide can help you with the registration process – read below to find out how. If you do not expect to earn more than £1000, you can still voluntarily register for Self Assessment with HMRC at any time. Both sole traders and directors of registered companies can register for Self Assessment. However, the Tide Self Assessment registration service is only available to sole traders at this time.

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What is Self Assessment and do I need to register?

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