Self Assessment Tax Returns
Many more people are working as freelancers, whether full time or part time in addition to their regular employment.
In which case they may need to send in a self assessment return.
From 6 April 2017 if your trading income from one or more businesses is under £1000 per year then you may not have to tell HMRC or declare it on your tax return. You will need to keep records of your income such as
- Copies of invoices
- Bank statements
- Emails confirming income received
If your trading income is more than £1000 then you must register for self assessment by 5th October in the following year. You will also need to complete a self assessment tax return. There are a lot of resources which can help you do that but it can be time consuming to go through all the guidance.