Self Assessment is the way in which you notify HMRC of your earnings if your tax affairs are any more complex than simple employment under PAYE, typically sole traders and small business owners are affected as well as those with investments.

You need to keep thorough and accurate records of your finances which need to be provided to HMRC each year when you submit your tax return.

It is important that you are aware of the deadlines for submitting your returns as there are penalties for late payments.

As self assessment tax can be very complicated, it can pay many times over to have a professional accountant take care of the process for you.