HMRC’s end of January deadline is fast approaching, but how do you know if you need to submit Self Assessment as a self-employed hairdresser or chair renter? Here’s all of the information you need…
Choosing to go self-employed can be daunting – between juggling your diary and delivering top-notch cuts, don’t let your tax return be an extra headache. With the deadline for Self Assessment set for 31 January 2023, it’s time to figure out what you need to submit to HMRC, how to do it, and if you need to submit anything at all.
If you’re self-employed or rent a chair or a space in a salon and earned over £1000 between 6 April 2022 and 5 April 2023 you may need to tell HMRC about the money you’ve earnt in a Self Assessment. You can easily check if you need to send a tax return by using an online tool on GOV.UK which help you to decide if you need to complete one, and will provide useful links to information you might need.Â
If you do need to do a tax return you’ll need to register for Self Assessment, fill in a tax return and pay any tax owed by 31 January 2024.
Do I need to submit a Self Assessment?Â
As with any other sole trader, if you are a self-employed hairdresser you will need to declare untaxed earnings by explaining where you work, how much you’re paid and how often.
That’s why it’s so important for you to collect evidence of all of the money you earn, products you buy for your business, and any expenses. HMRC can request evidence of your income and expenses up to 22 months after you pay your tax bill.
You should keep track of:
- Invoices for jobs
- Receipts from customer cuts
- Travel receipts
- Premises rent
- Chair hire
- Any other relevant income/expenses from your business
How do I register for Self Assessment or complete a Self Assessment return?Â
The quickest and easiest way to register is to go online. HMRC has loads of resources to make your submission as painless as possible, including a handy step-by-step video guide.Â
Once you have registered, the easiest thing to do is head over to this Youtube playlist where there are a number of simple videos which will guide you through the submission process.
Further guidance is also available on GOV.UK on:Â