What Type of Tax Return Do I Need to Submit?

Your taxes and any other deductions are usually all managed for you by your employer when you work as an employee. Self-employed people don’t have quite the same level of luxury, and working for yourself means that taxes, tax returns, and all that fun stuff are your responsibility.

If you’re brand new to all this it can be a bit confusing trying to work out what you need to submit, when, and who to. These are the kinds of questions we answer all the time, so in this article we go over some of the most common types of tax returns affecting small businesses, and which ones you should have on your radar. You can also use our key tax dates calculator.

Self Assessment

You’ll normally need to submit a Self Assessment tax return if you receive income which isn’t already taxed elsewhere. This might be because you’ve registered for self-employment as a sole trader, get rental income from a property you own, or because you’re a company shareholder who receives dividend payments.

Will I still need Self Assessment if I work for an employer too?

Yes, someone who works for their employer full-time might still need to submit a Self Assessment tax return if they also earn money from a side-hustle.

If the total amount of self-employed income you get in a tax year is less than £1,000, you might not need to register (or pay tax) – all thanks to the Trading Allowance.

What if I’m not self-employed?

Self Assessment isn’t just for self-employed people though. You might also need to submit this type of tax return if you earn more than £150,000 per year, receive Child Benefit whilst earning more than £60,000 a year, or even if you receive an income from renting out a property.

When do I need to send my Self Assessment tax return?

The Self Assessment deadline is different depending on how you choose to submit your tax return. At the moment you can still submit paper-based tax returns, although HMRC do place more emphasis on submitting online, and are rolling out Making Tax Digital for Income Tax (MTD IT).

• Submit a paper-based Self Assessment tax return: If you prefer to file a paper tax return while you still can, make sure HMRC receive it no later than 31st October following the end of the tax year being reported on. For example, a paper return which reports on the 2025/26 tax year mus be submitted before midnight 31st October 2026
• Online Self Assessment tax returns: Most people submit their Self Assessment online and the deadline for this is 31st January following the end of the tax year being reported on (so you get three extra months if you submit online rather than by post). The online submission deadline for 2025/26 is 31st January 2027

The deadline to pay your Self Assessment tax bill is 31st January no matter which method you use to submit your tax return.

• 1st payment on account: The deadline for paying the first installment is 31st January – the same deadline for submitting and paying the bill for this year’s tax return. You can see why it might be an unpleasant shock!
• 2nd payment on account: 31st July following the end of the tax year being reported on

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Making Tax Digital Income Tax

MTD Income Tax changes how and when you record and report your income and expenses, and makes it mandatory for those affected to keep digital records and use MTD-compliant software to submit information every quarter.

Add together the qualifying income you get from being a sole trader and/or from property. If the total amount is more than:

• £50,000 during the 2024/25 tax year – follow the rules from April 2026
• £30,000 during the 2025/26 tax year – follow the MTD IT rules from April 2027
• £20,000 during the 2026/27 tax year – follow the rules from April 2028

Company Tax Return

A company’s assets and finances are legally separate from your own person affairs, so limited companies report and pay tax in a different way to sole trader or partners.

• The business submits a Company Tax Return and pays Corporation Tax on its profits
• If you take a salary from the business as a company director, you might need to report this through PAYE depending on how much you earn
• If you’re also a company shareholder and receive dividends, you’ll need to submit a Self Assessment tax return to report these and pay dividend tax

Some company directors might even need to use MTD Income Tax! Read our article about how MTD affects limited companies.

Company Tax Return deadlines

The submission deadline for a Company Tax Return is 12 months after the accounting period which it relates to has ended. The deadline for paying Corporation Tax on any profits it makes is a bit different. If your company’s taxable profits for the year are:

• £1.5 million or less: Pay the tax bill within 9 months and 1 day after the close of the accounting period
• More than £1.5 million: Corporation Tax must be paid in instalments, each with its own respective deadline (HMRC will tell you when!)

VAT Return

Some businesses choose to register for VAT on a voluntary basis because it’s more tax efficient for them, but VAT registration isn’t compulsory unless your taxable turnover meets the £90,000 registration threshold in a 12-month period.

Once you register for VAT you’ll need to submit regular VAT returns to report the VAT that you collect on sales, and what you pay on any business purchases.

There are different types of VAT scheme available, some of which have various reporting deadlines, so use our guide to double check the requirements for your VAT scheme!

PAYE

This is one for the employers (or directors in their own limited company) who pay themselves or any employees more than £5,000.

PAYE (it stands for Pay As You Earn) is the process employers use to collect income tax, National Insurance, and other contributions from their employees’ pay. Employers report all this information to HMRC each time they pay their staff, and pay on any deductions they make.

We go into a lot more detail about this in our Guide to PAYE!

Understanding tax can be tricky, we get it, which is why we’re here to help. Find out more about our online accountancy services by calling 020 3355 4047, or get an instant online quote.