As an eCommerce business owner, in addition to running your day-to-day business activity, you likely spend a lot of time on your website design and online marketing. This will help improve your business and increase profits. However, all business owners have laws that apply to their companies and obligations to them as individuals running a self-employed business. One of the latter is the requirement for those eligible to complete a Self-Assessment tax return. The idea of completing a Self-Assessment tax return is not usually a pleasant one and can instead feel quite daunting. However, HM Revenue and Customs (HMRC) can give penalties for failing to do so or failing to do so on time. This article will explain Self-Assessment tax returns and the legal obligations of business owners.<\/p>\n\n\n\n
Self-assessment is an alternative way that HMRC collects income tax<\/a> rather than automatically deducting it from people\u2019s pensions and wages. To help them know how much to collect, eligible individuals need to complete a Self-Assessment tax return. This has to be completed after the end of each tax year, which is the 5th of April. Therefore, the form details tax due from 6 April to 5 April.\u00a0<\/p>\n\n\n\n As a business owner, you must likely complete a Self-Assessment tax return. If you meet any of the following criteria, you must complete one:<\/p>\n\n\n\n If you’re unsure if you are self-employed, HMRC claims you are if you run your own business or are responsible for its success or failure. <\/p>\n\n\n\n There are also other reasons you may need to complete a tax return, such as if you have income for savings, investment, and dividends.<\/p>\n<\/div>\n\n\n\n To complete a Self-Assessment tax return, you must register with HMRC<\/a> for your eCommerce business by 5 October of its second tax year.\u00a0<\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\nDo I Need to Complete a Self-Assessment Tax Return? <\/h2>\n\n\n\n
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