Self Assessment is the system that HM Revenue and Customs (HMRC) uses to collect tax for individuals e.g. sole traders.
Tax is usually deducted automatically from people’s wages (it’s shown as PAYE on a payslip).
But for people running their own business, they have to complete a Self Assessment tax return, to report their income and expenses.
For a more in detail look please see our other blog posts.
Disclaimer: If you are in any doubt about what you can and cannot claim for, it is important that you contact an accountant or relevant tax specialist who can give you bespoke advice directly relevant to your circumstances.
None of the information given here is tax advice.
