Self-Employed Tax Basics: Self Assessment Explained
Registering, allowable expenses, payments on account and the deadlines that catch people out.
By Easy Finance Tips Editorial Team•
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Updated 1 Jul 2024•
8 min read•
8,420 views
Register early
Register with HMRC as soon as you start trading above the trading allowance. You will need your Unique Taxpayer Reference before you can file.
Keep records as you go
Track income and allowable expenses monthly rather than in January. Bank statements alone are rarely enough if HMRC asks questions.
Diary the deadlines
- 31 January: online return and balancing payment for the previous tax year, plus the first payment on account.
- 31 July: second payment on account.
Set money aside
Move a percentage of every payment you receive into a separate account for tax and National Insurance so bills do not arrive as a shock.
Sources
Easy Finance Tips provides general information and educational content, not personalised financial advice.