If your business turnover was less than £85,000 during the tax year, then you can fill out the Short Form Self-Employment section for your tax return. This is a simplified version of the full one, making the form filling a bit less onerous.
If you are self-employed, you’ll be presented with the Class 2 National Insurance Contributions page of your tax return
How to Calculate Your Business Turnover. Your business turnover consists of your total sales, takings, fees and any other money you earned during your accounting period.
The easiest way to reduce your tax bill is to make sure you are claiming for all the expenses you are legally allowed to. Here’s some advice on which expenses you can and can’t claim for, as well as a spreadsheet to help you add your expenses up.
If you earn more than £50,000 a year and claim child benefit, then you may need to pay some or even all of it back, with a self-assessment tax return.
If you are employed and have underpaid your tax in previous tax years, you may have received a PAYE coding notice informing you of an adjustment to your tax code, so that the outstanding tax is paid off. This section confirms details of any such adjustments.
Overpaid Tax. If you think you have paid too much tax and are due a refund, then you’ll need to let HMRC know where to send the money to. If you think you are due a refunded you can choose who that gets paid to. You can choose: Yourself Someone else Not applicable If you … Read more
If you are submitting your tax return before 30 December and are employed you can elect to pay any outstanding tax through your PAYE code.
In specific circumstances you can increase or decrease the amount of tax you need to pay.