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Self-employment income and tax

​Self-employment income

You're self-employed if you run your own business and take responsibility for its success or failure.

If you're not sure if you're self-employed for income tax, you can use a standard set of questions to check.

Self-employed or employee for tax

You have to declare your net taxable profit or business loss for tax purposes and provide sufficient information to support this figure.

Working for yourself tax guidance

If you need help filling out the self-employed section of your tax return watch our help video.

Filling out your personal tax return

Keeping records

You must keep business records relating to your income and outgoings. You will need these so that your accountant can submit a true and accurate set of accounts or so you can produce your own set of factual accounts.

Record keeping if you're self-employed

Weekend trading and casual profits

This is generally small cash-in-hand income generated by ad-hoc work you perform outside of (and not associated with) your normal day-to-day work. This is taxable and the details must be entered on your annual tax return.

Getting an accountant

Larger businesses with a turnover exceeding £100,000 should have their financial statements prepared by a qualified accountant.

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