What is Self Assessment?
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.