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Stay organised with digital records.

Self Assessment, simple with Sage

Be tax confident for Self Assessment with Sage Accounting. Capture, categorise, and automate data for your return with software that keeps you organised, and saves you time to focus on your business.

What are Self Assessment tax returns?

HMRC use Self Assessment to calculate the tax on your income. It’s one type of tax return that often applies to self-employed people. Tax is usually deducted automatically from wages, pensions, and savings but if you receive further income, it’s important to report this to HMRC by sending a Self Assessment tax return each year. You can get your Self Assessment tax return sorted in three simple steps.

1. Register for Self Assessment

Make sure to register for Self Assessment online, if you meet the requirements. The registration deadline is no later than 5 October in your second year of being a sole trader.

2. Submit

Paper tax returns are due on 31 October for the previous tax year. While online tax returns are due on the 31 January for the previous tax year.


3. Pay Self Assessment tax online

31 January is the date the balancing payment for the previous tax year, and the first payment on account for current tax year are due. 31 July is the date the second payment on account for the previous tax year.


What are the benefits of using software to help with Self Assessment?

Quotes & Estimates 08.08.2022 From Today To Calculate Refresh summary DUE £3,561.10 £15,100.50 50% £7,550.25 25% £4,228.14 14% £3,322.11 11% 44% OVERDUE £4,211.29 56% Outstanding Sales Invoices £500 9:41 Hi, Marinel

Stay organised with digital records

Digital records are a simple and secure way to store your financial records in one place:

  • Create sales and purchase invoices that automatically add to your accounts
  • Use the Sage app on your phone or tablet to track admin on the go
  • Easily access, amend or remove information to improve accuracy
  • Get MTD-ready for Income Tax Self Assessment

Save time with automation

Save time and avoid mistakes with automated processes that simplify preparing for Self Assessment:

  • Connect your bank feeds to automatically import transactions
  • Match your transactions with invoices easily using automated technology
  • Create recurring invoices to save time for your business
Bank Transactions Transactions 3 Last updated 15 minutes ago Mon, August 15 Energy Supplier £270.00 Fri, August 12 Work Contracts LTD £230.00 Thurs, August 11 Supplies store -£30.00
Outstanding Sales Invoices DUE £3,561.10 44% OVERDUE £4,211.29 56% Quotes & Estimates £15,100.50 50% £7,550.25 25% £4,228.14 14% £3,322.11 11% Opening balance £95,021.00 £152,021.00 Cash flow in £92,161.00 Cash flow out £154,881.00 Closing balance £124,881.00 Net balance

Track your finances

Monitor and forecast your income, track expenses, and work out tax calculations with ease:

  • Use cash flow view to easily view your money in and money out
  • Access a simple view of your top debtors and creditors
  • Turn quotes into invoices, and send directly to your customers*
  • Monitor the value of quotes and estimates which have been won or lost*

*Only available in Standard and Plus

Access your business performance in detail

Take control of your growth and future-proof your business with smarter reporting and insightful data:

  • Access a full suite of reports to suit the needs of your business and your accountant
  • Get a comprehensive overview with an in-depth report of your debtors and creditors
  • Tag and categorise your transactions that feed in to advanced reports*

*Only available in Standard and Plus

Opening balance 95,021.00 152,021.00 92,161.00 154,881.00 124,881.00 Cash flow in Cash flow out Closing balance Net balance Balance Cash flow in Cash flow out From to 08.08.2022 Today Cash Flow Focus Report

Feel confident with expert support

Access award-winning support with Sage at any time, anywhere:

  • UK-based telephone and chat support available 24/7, 365 days a year
  • Use our simple onboarding experience, and access our in-depth library of learning material
  • Become part of the community and access peer-to-peer support through Sage City

Improve collaboration with your accountant

Working with an accountant?

  • Improve conversations around tax year planning and better manage your finances
  • Work collaboratively using accurate, digital records, stored securely in one place
  • Create strategic conversations using in-depth insights

Plans to support you and your business with Self Assessment

Get 6 months free

Get full access to your product, and upgrade or cancel at any time. No long-term contracts, commitments or hidden fees.
Accounting

Start

FREE for 6 months
£12
£0.00 +VAT/mo*
You save £72.00
  • Create and send sales invoices
  • Track what you're owed
  • Automatic bank reconciliation
  • Calculate and submit VAT
  • Be Making Tax Digital Ready for VAT
  • Supports one user
Most popular
Accounting

Standard

FREE for 6 months
£26
£0.00 +VAT/mo
You save £156.00
  • Create and send sales invoices
  • Track what you're owed
  • Automatic bank reconciliation
  • Calculate and submit VAT
  • Be Making Tax Digital Ready for VAT
  • Supports unlimited users
  • Manage and submit CIS
  • Run advanced reports
  • Send quotes and estimates
  • Forecast cash flow
  • Manage purchase invoices
  • Snap receipts with AutoEntry, 3 months free(2)
Accounting

Plus

FREE for 6 months
£33
£0.00 +VAT/mo
You save £198.00
  • Create and send sales invoices
  • Track what you're owed
  • Automatic bank reconciliation
  • Calculate and submit VAT
  • Be Making Tax Digital Ready for VAT
  • Supports unlimited users
  • Manage and submit CIS
  • Run advanced reports
  • Send quotes and estimates
  • Forecast cash flow
  • Manage purchase invoices
  • Snap receipts with AutoEntry, 3 months free(2)
  • Multi-currency banking and invoicing
  • Manage inventory
*Get 6 months free, then £12/£26/£33 + VAT/mo (tier depending). Terms and conditions apply.
(1) Starting at 5 employees from £0.00 (offer price) per month + VAT with the option to add employee tiers for up to 100 employees. RRP from £7 + VAT per month (after offer).
(2) Snap and upload data from unlimited receipts, invoices and supplier statements with AutoEntry, free for your first 3 months. Subject to fair usage policy. Standard and Plus tiers only.

Self Assessment FAQs

You must submit your online Self Assessment tax return by 31 January for the previous tax year, and you must register by 5 October in your second year of operation. However, there are other key dates you should be aware of;

When? - What do I need to do?

  • 5 October - Register for Self Assessment
  • 31 October - File any required paper tax returns
  • 30 December - If you are eligible, inform HMRC if you would like them to directly collect Self Assessment payments through your PAYE tax code
  • 31 January - File and pay your Self Assessment tax return online
    - For first year businesses, make your first, advance payment towards next year's Self Assessment bill
  • 31 July - Make your second payment on account.

For more information, and to learn more about which deadlines are applicable to you and your business, please visit: https://www.gov.uk/Self Assessment-tax-returns/deadlines

You need to send a tax return if (in the last tax year) you were:

  • Self-employed with income over £1,000 (before taking off anything that can be claimed through tax relief)
  • A property owner with income from renting out property for over £2,5000 after allowable expenses or more than £9,999 before allowable expenses
  • Left with untaxed earnings of more than £2,500
  • An investor with savings or investments over £10,000 before tax
  • An LTD Director of a for-profit company
  • Earning over £50,000 and claiming child benefits
  • A UK resident with foreign income
  • Have taxable income over £100,000
  • A trustee of trusts of registered pension schemes
  • If your state pension is the only source of income and is higher than your personal allowance
  • Making profit from selling shares or a second home
You can fill in your tax return online or by a paper form. You can submit it any time from the first day of the following tax year (from 6 April 2022). In fact, 63,500 people did this in 2021 according to HMRC.

All 3 packages (Start, Standard, and Plus) give you the fundamental features you need to manage your accounting.

  • Accounting Start: If you’re a non-VAT registered sole trader or just starting out with a new business then Account Start is a great choice. Comes with simple bookkeeping requirements and single-user access. Perfect for businesses using cash accounting.
  • Accounting Standard: Perfect if you’re VAT-registered and self-employed, a service provider with quoting and estimation needs, CIS-registered, or if you need to share access with more than one user (with your accountant, for example). Perfect for businesses using cash or accrual accounting.
  • Accounting Plus: This includes all of the functionality within Accounting Standard but it’s also great for stock-based businesses, businesses with cross-border services or sales, and professionals with foreign bank accounts. Perfect for businesses using cash or accrual accounting.
Learn more about cash and accrual accounting

To accurately fill in your tax return, it’s important to keep records of:  

  • Personal financial records like bank statements, certificates of loans, receipts of payments 
  • Documents you have signed or been given like personal pension plan certificates, birth or marriage certificates 
  • Benefits and expenses related to your income like P60s, P45s, annual pension statements, notes of taxable receipts and benefits 
  • Expenses claimed against your earnings or reductions of your employer’s calculation of your benefits like receipts, credit card statements, mileage details, purchase records 

To effectively keep track of key information in preparation of your Self Assessment, you can use tools like Sage Accounting to centralise, digitise, and automate the capture of important data so that it’s easier and clearer to fill out your tax return. 

With software like Sage Accounting, you can better prepare for your Self Assessment tax return, whether you do it yourself or work with an accountant. All the information you need to declare is kept accurate, compliant, and digitised in one place. You can also use Sage Accounting to work more collaboratively with your accountant, sharing real-time information in a secure way – and you can use clear financial information to plan your tax year together. 

Sage Accounting helps you capture, categorise, and automate data for your Self Assessment tax return in one place. Get ready for the April 2024 deadline today by keeping digital records and optimising your self-employment income with Sage Accounting.  

  • Stay compliant and get total peace of mind that your tax return data is accurate 
  • Plan your tax year effectively with up-to-date information 
  • Store the relevant information for the right amount of time
  • Automate bank reconciliation and upload receipts or documents to Sage Accounting for faster and more accurate data capture
  • Simplify the process of gathering data for your Self Assessment tax return so you can complete it yourself
  • Improve collaboration with your accountant if you choose to work with one for your tax return 

All of our customers get free, award-winning support by phone, email, and online chat.

  • Telephone support is available 24 hours a day, seven days a week.
  • Pre-recorded webinars are available to watch any time that suits you.

You will also get 24/7 access to the following support resources: 

  • Our online community Sage City: Ask questions, share ideas, and solve issues with Sage Accounting customers and product experts.
  • Step-by-step video guides.
  • Instructor-led courses: For anyone wanting to take their skills to the next level, we have hundreds of courses designed for multiple experience levels and job roles. Get certified and earn badges that show your expertise and build up your resume.
  • We also have support channels on Twitter and Youtube. We are committed to providing you with world-class support for Sage Accounting at every step of your business journey.

See what our customers have to say

Find out how Sage simplifies accounting for all types of business.
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"Sage does the core things I need. I can manage my invoices. I can manage my payables. I can do everything myself."

Richard Hollins
Berkshire Dales
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"Before Sage, we used Excel. I like the fact that it just makes my life easy."

Doug Burton
Arborwood Tree Care

Top tips for tackling Self Assessment

Get Self Assessment ready with all the key information and tips from our free guide and webinar.

Guide: get organised for Self Assessment

Ready to get tax right? Learn how to understand and control your finances.

Webinar: Self Assessment best practices

Get set for success with our Self Assessment webinar (17 January), with tips on getting organised, going digital, and automating your bookkeeping.

Self Assessment news and advice

Get articles, insights, and tips to help with your preparations for Self Assessment from Sage Advice, our business blog.

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