Busy Mum’s Guide To….Self Assessment (part one)

Like a lot of parents, I’m super busy and don’t have time to trawl the Internet researching a topic, let alone understanding it in my sleep deprived brain fug. So I’ve done the work for you, condensing topics down to the essentials you need to know plus more detail if you need it.

Submitting your Self Assessment (part one)

What You Need to Know
  • Tax year runs from 6th April to 5th April in the following year
  • Self-assessment tax return must be completed online by the 31st Jan following the end of the tax year
  • If your turnover from self-employment is less than £1,000, you must decide whether to declare your income and expenses
In More Detail

Once you have registered yourself as self-employed, you will be due to complete your self-assessment return for HMRC by the 31st January following the end of the last tax year. Although it does take a bit of time to complete the form online, if you have prepared all of the figures and information you need in advance, it makes it a whole lot easier.

Once you log on to your account through the Government Gateway and start completing the form, there are an initial three pages of Yes or No questions. When you answer these, it will filter the rest of the return so that you only fill out what you need to. If you trade under more than name for self-employment can complete each ‘business’ separately.

There is one key question that you need to think about and make sure you answer correctly Was your turnover £1,000 or more in total from all self-employments? 

If your turnover (sales income) was less than £1,000 in the tax year, you do not have to complete the self-employment section of the return. However there are some reasons why it would benefit you to complete this section anyway:

  • if you have made a loss in the year (expenses total more than income) and you want to claim loss relief, or carry the loss forward into a future year
  • you want to build your National Insurance contributions by voluntarily paying the Class 2 amounts (this goes towards your State Pension)
  • if you think your turnover will be above £1,000 in the next tax year

Most importantly, completing this section means that you have an official record of your self-employment, which will act as proof for eligibility for 30 hours free childcare, Tax Free Childcare or Maternity Allowance.

My advice would be to complete this section, no matter how much you earned through self-employment.

If you do answer No to the question Was your turnover £1,000 or more in total from all self-employments? then you will not be given the self-employment section to complete on your return.

Come back next week when I will talk you through which figures you will need to collect and enter onto your return.

More Information

You can login and file your return using this link on the HMRC website.

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3 Replies to “Busy Mum’s Guide To….Self Assessment (part one)

  1. I don’t always have over £1k but I’ve never been able to not do a self assessment because I’m registered self employed as well as having employment. The last year I also made a loss, but similarly I don’t get anything back, I just don’t have to pay any extra. Is the £1k question new for this year? I don’t recall having seen it before.

    1. Yes it’s new for this tax year. In some ways it makes it easier, but it adds an extra question to think about!

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