{"id":5893,"date":"2019-12-02T11:30:41","date_gmt":"2019-12-02T11:30:41","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=5893"},"modified":"2026-01-29T10:20:27","modified_gmt":"2026-01-29T10:20:27","slug":"self-assessment-tax-return-guide","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/self-assessment-tax-return-guide\/","title":{"rendered":"Self Assessment: A guide for small businesses on filing tax returns"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tSelf Assessment: A guide for small businesses on filing tax returns\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2019-12-02T11:30:41+00:00\">2 December, 2019<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Self Assessment: A guide for small businesses on filing tax returns\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-gb\/blog\/self-assessment-tax-return-guide\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-gb\/blog\/author\/staceymcintosh\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2018\/11\/Stacey-McIntosh-350-1.jpg\" class=\"entry-author__image\" alt=\"\" \/>\t\t\t\t<span class=\"entry-author__name\">Stacey McIntosh<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p>Got a Self Assessment tax return to file but not sure how to go about it? Whether it\u2019s the first time you\u2019re doing it or if you\u2019ve completed one before, there are still things you need to be aware of.<\/p>\n\n\n\n<p>From dealing with <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/allowable-expenses-self-assessment-tax-return\/\">allowable expenses<\/a> \u2013 basically understanding what you can and can\u2019t claim back \u2013 to being clear on deadlines and penalties, having clarity of the Self Assessment process and doing the right things can really help your business.<\/p>\n\n\n\n<p><strong>The small business guide to Self Assessment<\/strong> will provide you with the information you require to successfully complete and file your tax return.<\/p>\n\n\n\n<p>It covers the importance of keeping good records, which will make things much easier for you when the time comes to file your tax return.<\/p>\n\n\n\n<p>There are details on registering for Self Assessment (if it\u2019s your first time dealing with it) and completing your tax return.<\/p>\n\n\n\n<p>And it also features advice from certified accountant Paul Donno, who is also the director of 1 Accounts Online. He shares a story of how his practice helped a client save several thousand pounds on their tax return.<\/p>\n\n\n\n<p><strong>The small business guide to Self Assessment<\/strong> covers the following topics:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What is Self Assessment?<\/li>\n\n\n\n<li>How to keep good accounts<\/li>\n\n\n\n<li>Deadlines and penalties<\/li>\n\n\n\n<li>How to register for Self Assessment<\/li>\n\n\n\n<li>What you can and can\u2019t claim for<\/li>\n\n\n\n<li>How to complete your tax return<\/li>\n\n\n\n<li>Getting support with Self Assessment<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"#gate-5aff0df7-d321-42c9-a8d0-a4b5afc0fee8\">Download your free copy of The small business guide to Self Assessment<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-an-excerpt-from-the-small-business-guide-to-self-assessment\"><strong>An excerpt from The small business guide to Self Assessment<\/strong><\/h2>\n\n\n\n<p>Self Assessment is how you should declare income you\u2019ve received to the government if you\u2019re a sole trader or a partner in a partnership businesses.<\/p>\n\n\n\n<p>It\u2019s how you declare income from the work you do. For people in full-time employment receiving payslips or people who receive a pension, Self Assessment can be used to declare money they receive outside of their employment or pension.<\/p>\n\n\n\n<p>It can also be used by anybody to declare taxable income from things such as savings, tips, commission, rental income, and so on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-does-self-assessment-apply-to-me\"><strong>Does Self Assessment apply to me? <\/strong><\/h3>\n\n\n\n<p>If any of the following applies to you then you will need to register for Self Assessment, and should do so as soon as possible to avoid potential penalties:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019re a self-employed sole trader earning more than \u00a31,000 per year.<\/li>\n\n\n\n<li>You\u2019re a partner in a business partnership, regardless of whether or not you\u2019re the nominated partner.<\/li>\n\n\n\n<li>You\u2019re the director of a limited company whose income is not taxed at source and\/or you have further tax to pay.<\/li>\n<\/ul>\n\n\n\n<p>Additionally, if any of the following apply to you regardless of your employment status then you will have to register for Self Assessment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your total income (minus tax relief) is more than \u00a3100,000.<\/li>\n\n\n\n<li>You have to pay High Income Child Benefit Charge because your income was more than \u00a350,000 and you or your partner claimed Child Benefit. (In this case, your partner can complete a Self Assessment tax return instead of you.)<\/li>\n\n\n\n<li>You earned \u00a32,500 or more from property or land in the UK (or \u00a310,000 or more before expenses).<\/li>\n\n\n\n<li>You got more than \u00a310,000 from savings interest, money from bare trusts, interest in possession trusts, or share dividends.<\/li>\n\n\n\n<li>You received a payment or charge on a private pension, including money in pension pots, above the annual or lifetime allowance, or unauthorised payments from a pension scheme, or overseas payment charges.<\/li>\n<\/ul>\n\n\n\n<p>You may need to register for Self Assessment regardless of your employment status if you need to pay Capital Gains Tax. Additionally, Self Assessment is required if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You pay tax on income from a trust.<\/li>\n\n\n\n<li>You receive taxable foreign income of \u00a3300 or more (typically foreign dividends).<\/li>\n\n\n\n<li>You received \u00a32,500 or more in interest, tips, commission or cash-in-hand payments.<\/li>\n<\/ul>\n\n\n\n<p>From dealing with allowable expenses \u2013 basically understanding what you can and can\u2019t claim back \u2013 to being clear on deadlines and penalties, to know which <a href=\"https:\/\/www.sage.com\/en-gb\/size\/small-business\/\">small business solutions<\/a> can help, having clarity of the Self Assessment process and doing the right things can really help your business.<\/p>\n\n\n\n<p><em>Editor&#8217;s note: This article was first published in January 2019 and has been updated for relevance.<\/em><\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Taking care of tax if you&#8217;re self-employed<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Getting your taxes right is vital. Read this guide for support with Self Assessment, and learn how Making Tax Digital will change how you manage your tax returns from April 2026.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-5aff0df7-d321-42c9-a8d0-a4b5afc0fee8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Get your free guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"920\" height=\"567\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2019\/01\/taking-care-of-tax-CTA.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2019\/01\/taking-care-of-tax-CTA.jpg 920w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-b1a63862-3fa0-4a5e-bb67-c76b88bbc6b8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Got a Self Assessment tax return to file but not sure how to go about it? Whether it\u2019s the first time you\u2019re doing it or if you\u2019ve completed one before, there are still things you need to be aware of. From dealing with allowable expenses \u2013 basically understanding what you can and can\u2019t claim back [&hellip;]<\/p>\n","protected":false},"author":346,"featured_media":11653,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[139,6],"tags":[27],"business_type":[4],"lilypad":[],"context":[],"industry":[],"persona":[73,74,75],"imagine_tag":[170,109],"coauthors":[353],"class_list":["post-5893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-free-guides-templates","category-money-matters","tag-tax","business_type-small-business"],"sage_meta":{"region":"en-gb","author_name":"Stacey McIntosh","featured_image":"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1282134863.jpg","imagine_tags":{"170":"Self Assessment","109":"Small business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/5893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=5893"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/5893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/11653"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=5893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/categories?post=5893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=5893"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=5893"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/lilypad?post=5893"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/context?post=5893"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=5893"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/persona?post=5893"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=5893"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/coauthors?post=5893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}