Self-employed tax returns explained​

Self Assessment Tax Returns OnlineOnline Self Assessment keeps you in control

Once you've registered for Self-Assessment online, you can:

• Check your account details at any time to see what tax you owe.
• Make instant amendments to your return online.
• Adjust your payments on account if your income changes from one year to the next.
• Easily save an electronic copy of your return, or print a copy for your records.

HMRC's Making Tax Digital scheme is aiming to make tax simpler for individuals and businesses in the UK. Part of that process is the new Personal Tax Account system. 

Your Personal Tax Account gives you better access to and control over your personal information. You'll also be able to check your tax code and State Pension, and do things like track the tax forms you've submitted. If you have questions or need help with setting up a Personal tax Account, talk to RIFT. We'll explain everything and talk you through the whole process. Alternatively, just follow our easy how-to guide.

Paying taxHow do I pay the tax owed on my self-employed income?

Once you've submitted your self assessment return and found out what tax you owe, you can pay by:

• Direct Debit.
• BillPay - although watch out for transaction fees if you use a credit card.
• Bank giro credit at your bank or Post Office.
• Telephone, with your debit or credit card.
• Post.

Paying student loans when self-employedI have a student loan and am self-employed. How is my repayment collected?

Payments toward student loans are handled through your normal self assessment paperwork. Anything you owe will be included with your main tax bill. Watch out if you're paying late; the fines will be the same as if you'd missed the tax deadline.

If you're making payments on account (advance payments on your tax bill), your student loan payments won't be part of them. Remember that you can make voluntary payments directly to the Student Loan Company if you want to. Those won't be included on your tax return, though, and won't reduce your actual tax bill.

Claiming a tax refundCould I claim a tax refund?

The majority of our self assessment tax return clients are also due a tax rebate from HMRC, claiming back an average of £3,000 from the taxman each year. Find out for free today if you have a claim, click on the button below to get started.