This document outlines the self-assessment process for sole traders in the UK. It explains that sole traders must register with HMRC as self-employed, file an annual self-assessment tax return reporting their business profits and personal income, and pay income tax and national insurance on profits. It provides details on registration deadlines, how to file tax returns online or via paper, and deadlines for paying any taxes owed.

2. Self Assessment is a system HM Revenue and Customs
(HMRC) uses to collect Income Tax.
Income Tax is usually deducted automatically from
wages, pensions and savings.
People and businesses with other income must report it in
a tax return.
If you need to send one, you fill it in after the end of the
tax year (5 April) it applies to.

3. Bob decided to become a sole trader.
His next step was to contact HMRC
http://www.hmrc.gov.uk/index.htm and declare himself
as ‘Self Employed’ after that he had to.
Send a Self-Assessment tax return every year
Pay Income Tax on the profits his business makes
Pay National Insurance
He must also register for VAT if he expects to make more
than £83,000 a year.

4. Throughout the tax year (April – April), before he fills in
his tax return, Bob keeps a record of everything he earns
and everything he spends (for example bank statements
or receipts) so he can fill in your tax return correctly.
By Law he must also store these records for up to 6 years.

5. Bob had to register for Self Assessment and Class 2
National Insurance after starting his business.
He missed his deadline to register by 5 October in his
business’s second tax year. He was fined
He eventually registered at
www.gov.uk/government/publications/self-assessment-
and-national-insurance-contributions-register-if-youre-a-
self-employed-sole-trader-cwf1
It took up to 10 working days to receive his activation
code once he had registered

6. Once Bob had registered, he could fill in his tax return using HM Revenue and
Customs’ (HMRC) free Self Assessment online service or by downloading and
filling in form SA100
•Order Forms by Phone: Call the Self Assessment Orderline on 0300 200 3610
for paper copies of the helpsheets and forms
•Download Forms: Tax Return Form and a Guide
https://www.gov.uk/government/publications/self-assessment-tax-return-
sa100
•Online (requires registering for Government Gateway Account: USER ID &
PASSWORD) https://www.gov.uk/log-in-file-self-assessment-tax-return

7. If you are having problems with your self assessment you
can get help by
•Appointing someone to fill in and send his tax return, for
example an accountant, friend or relative.
•Watch videos and join online seminars
•Contact HM Revenue and Customs (HMRC) for general
Self-Assessment enquiries
•Get help with online account

8. There are certain deadlines you need to meet when retuning
your self assessment
•Paper returns need to be in by midnight October 31st
•Online returns need to be completed by midnight January
31st.
•You’ll get a penalty of £100 if your tax return is up to 3
months late. You’ll have to pay more if it’s later than that!

9. When bob had completed his tax return, he was sent a bill
for the amount of tax he had to pay, which could be paid all
in one go, or over the coming year.
But he had pay his bill by the deadline of Midnight 31
January or he would have had to pay another fine.

10. Well Bob's self assessment was a success hopefully this
guide
Was helpful. But for more information about self assessment,
including videos, tweets and documents go to -
https://westherts.itslearning.com/LearningToolElement/Vie
wLearningToolElement.aspx?LearningToolElementId=38059