Emily Coltman

About the author: Emily Coltman, FCA is the chief accountant for FreeAgent, who make online accounting software for small businesses and freelancers.

What is Self Assessment?

Transcript

Hi, I’m Emily Coltman, I’m chief accountant to FreeAgent where we make online accounting software for small businesses and I’m here to tell you what self assessment is.

Well, it’s short for Self Assessment tax return and what a Self Assessment tax return is, it’s a form that you have to fill in if you run your own business do the revenue know how much you’ve made and how much tax they can expect to get from you.

So, you’d fill that in once a year with details of your income, with details of your expenses, with details of any tax you’ve already paid and then you send it off to the revenue so they know what they can expect to get from you.

If you’d like any more information, please do have a look at the links that we’ve put up for you and thanks for watching, we’ll see you in the next video.

Disclaimer: The content included in this guide is based on our understanding of tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this guide. If you don't have an accountant, take a look at our directory to find a FreeAgent Practice Partner based in your local area.