Who Needs To Submit
a Self-Assessment?

The following need to submit a Self-Assessment:

Self-Employed
Landlords
Freelancers
Individuals with income from multiple sources
Individuals earning over 100k per year
Company directors
Capital Gains
Individuals with high-income child benefit
Individuals with income from savings or investment

1. Self-Employed Individuals
If you’re self-employed or a sole trader and earn more than £1,000 in a tax year, you’ll need to file a self-assessment tax return. It’s an easy way to keep track of your earnings and expenses, and we’re here to offer expert advice every step of the way!

2. Company Directors
If you're a director of a limited company and receive untaxed income like dividends, you need to file a self-assessment tax return. This keeps everything in order and ensures you stay on top of your taxes.

3. CIS Workers (Construction Industry Scheme)
If you work in construction and have had tax deducted under the CIS, you need to file a self-assessment to claim back overpaid tax or report any extra income. We’re here to make the process easy for you!

4. Property Income

If you receive income from property, such as renting out homes, commercial properties, or holiday lets, you need to file a self-assessment tax return. This applies whether the property is located in the UK or abroad.

5. High Earners
If you earn over £100,000 a year, filing a self-assessment tax return is required by law. Whether your income comes from your salary, bonuses, or other sources, we’ve got you covered!

6. Partners in a Business or Partnership
If you're a partner in a business, you need to file a return to declare your share of the profits.

7. Capital Gains
If you've sold property, shares, or other assets and made a gain over the allowance, it’s time to report it through your self-assessment.

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REQUESTING A TAX RETURN?
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Understanding Self-Assessment Tax Returns

If you’re self-employed or earning income that hasn’t been taxed, filing a self-assessment tax return is your way of staying on top of things with HMRC! Whether you’re working as a sole trader, under the CIS scheme, earning from PAYE, renting out property as a landlord, or receiving company income, dividends, or foreign income — we’ve got you covered.

Unlike employees whose taxes are sorted automatically, being self-employed means you get paid in full—no deductions! That’s where the self-assessment comes in. It’s your chance to declare your income, claim those all-important expenses, and share any details that affect your tax calculation. Don’t worry—we’re here to make the process smooth and stress-free!

Why Business Expenses Matter

For self-employed folks, business expenses are a powerful tool for reducing taxable income! Costs like tools, materials, travel, meals, accommodation, uniforms, and even laundry can be tax-deductible, helping you keep more of what you earn. Keeping track of these expenses and declaring them properly is a simple way to make sure your tax return works in your favor. It’s all about making your expenses work for you!

Simplifying the Process

Filing a self-assessment can feel overwhelming. Olymp Tax is here to help. We'll guide you through the process, calculate your tax refund or liability, and ensure your return is submitted accurately and on time. Leave the details to us so you can focus on what you do best.

Commonly Asked Questions

Do I need to file a self-assessment if I’m employed?

If you're employed and earn a salary through PAYE (Pay As You Earn), you typically don’t need to file a self-assessment. However, if you have additional untaxed income (e.g., rental income, freelance work), you’ll need to file a return.
How do I know if I need to file a self-assessment?

You need to file if you're self-employed, a company director, have income from multiple sources, or earn over £100,000 a year. If you receive rental income, dividends, or foreign income, you also need to file.

What is the deadline for submitting my self-assessment?
The deadline for submitting your online self-assessment tax return is January 31st following the end of the tax year (April 5th). Make sure to submit on time to avoid late fees.

What if I miss the deadline?
If you miss the deadline, HMRC may charge penalties and interest. The sooner you file, the better!

Can I deduct business expenses as a self-employed individual?
Yes! You can deduct many business expenses such as tools, office supplies, travel, and even a portion of your home expenses if you work from home. This reduces your taxable income.

What do I need to submit with my self-assessment?
You'll need to provide details of your income, expenses (if self-employed), and any other relevant information like dividends or rental income. Keep all documents such as receipts and invoices to support your claims.

Can I claim tax relief for my rental property income?
Yes, you can claim certain expenses for rental properties, such as mortgage interest, repairs, property management fees, and more. This helps lower your taxable rental income.

Do I need to file a self-assessment if I earn less than £1,000?
If you're self-employed and earn less than £1,000 in a tax year, you may not need to file. However, if your income exceeds this threshold, you must file to report it to HMRC.

What happens if I don’t file a self-assessment when I’m supposed to?
Failing to file a self-assessment can lead to penalties and interest charges from HMRC. It's best to file on time to avoid these extra costs.

Can Olymp Tax help me with my self-assessment?
Yes! We can guide you through the entire self-assessment process, ensuring your return is filed correctly and on time, and helping you claim any eligible tax reliefs.