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What personal information to I have to include in my Tax Return?

Although you are now operating as a business, and your income is based on the profits of that business, you are in effect completing a ‘personal’ tax return. So you’ll also need to make sure that you keep details of all other aspects of your income, if relevant. For example, if you set up the business halfway through a tax year, you’ll need details of your salary and your tax payments to date on PAYE. This should all be contained in the P11D and P45 which you should have received from your employer when you left.

Other personal income could include interest on savings, income from property rental or a part-time job, or any other income sources you might have – maybe, for example, if you were working on a more casual basis in the evenings before you set up the business?