What is Self Assessment and do I need to register?

Self Assessment is a system HMRC uses to collect Income Tax. You must file an online Self Assessment tax return if, for example, you’re self-employed as a Sole Trader and have earned more than £1,000 (gross). If you haven’t sent an online return before, you’ll first need to register for Self Assessment with HMRC. 

If you do not expect to earn more than £1000, you can still voluntarily register for Self Assessment with HMRC at any time.

Both Sole Traders and directors of Registered Businesses can register for Self Assessment. 

See more over on this page.