Self assessment tax return

By Tolley

The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Self assessment tax return
  • Who should complete full pages
  • Balance sheet

This guidance note deals with requirements under self assessment specific to sole traders. For further guidance on self assessment, see the Notification of chargeability to income tax and capital gains tax and Self Assessment filing deadline guidance notes (both subscription sensitive).

Note that HMRC is running a making tax digital pilot under which self-employed taxpayers and landlords, other than those renting out furnished holiday lettings, can volunteer to use software to keep business records digitally and send income tax updates to HMRC. This removes the need to file a self assessment return unless the individual has other sources of income in which case a return is still required. Guidance can be found on the GOV.UK website .

Who should complete full pages

There are two types of self-employment supplementary pages: short pages (SA103S ) and full pages (SA103F ).

The short pages contain sufficient entry boxes for the typical small business; whereas the full pages have boxes covering the more unusual types of income or deductions.

HMRC’s guidance on the Self-employment (full) supplementary pages notes  (page SEFN1) is that a sole trader needs to complete full pages if any of the following applies:

  • his turnover was above the VAT registration threshold ― £85,000 or more (this is pro-rated where the basis period is less than 12 months)

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