It is used to calculate the amount of tax owed or to claim any tax refunds. The self-assessment tax return includes sections where individuals provide details about their employment income, self-employment income, rental income, investments, and any other sources of income or deductions.

Who needs to complete a Self Assessment Tax Return?

• Self-employed individuals
  Those who work for themselves and generate income through a business or trade
• Sole traders
  Individuals who run their own business as the sole owner and are not operating as a limited company
• Partners in a partnership
  If you are a partner in a business partnership, you will need to complete a tax return
• Company directors
  Directors of limited companies, even if they receive income solely through PAYE (Pay As You Earn), are required to submit a Self Assessment Tax Return
•  High earners
  Individuals with an annual income above a certain threshold, which is currently £100,000 or more
• Landlords
  If you earn rental income from properties you own, you will likely need to complete a tax return
• Individuals with complex tax affairs: Those with income from multiple sources, such as investments, trusts, or overseas assets, may need to submit a tax return.

It is important to consult a professional to understand if a Self Assessment Tax Return is required