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Self-Assessment
If you’re a sole trader, Self-Assessment is how you report your business income and expenses to HMRC each year.

You’ll pay Income Tax and National Insurance based on your profit (income minus allowable expenses), not your total sales. Keeping your records up to date makes it easier to claim the right expenses and helps you avoid late filing or incorrect return penalties.


You must submit your tax return to HMRC by the due date, pay your tax bill and national insurance contributions to avoid a penalty
Current Penalty £100
Current penalty
Do you need to submit a Self-Assessment Tax Return?
Do you have more than one source of income?
Yes
No

Don’t gamble with an HMRC investigation

This interactive game is a visual metaphor.


Real HMRC investigations aren’t a game and the cost of
getting it wrong can be serious.


The right advice, early on, makes all the difference.


*You cannot win £1000 from this game
**This visual example does not involve real gambling. If gambling is a concern, please seek the appropriate support
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