Self-Assessment Tax Return
Unless your tax affairs are very straightforward and you’ve been taxed through the PAYE system, you will need to complete a self-assessment tax return.
Whether you’re running a business in Birmingham as a sole trader, partner, director or shareholder, you will need to calculate your taxes through self-assessment by completing a tax return.
Completion of your tax return involves reporting your income and your capital gains and allows you to claim tax allowances or tax reliefs.
Fortunately, HMRC allows you to not pay tax on income made in any given tax year until January of the year following.