Income Tax is the main UK tax for individual people, including Self-Employed Sole Traders.
The UK personal Tax Year runs from 6th April in one year to 5th April in the next year.
What Income is Taxed by Income Tax ?
These are the main areas of personal income which are taxed:
• Salaries and Wages for people who are Employed, paid by PAYE
• Self-Employed businesses, paid under Self Assessment for businesses
• Interest on Savings
• Property Rental Income
• Income from a Trust
If you have a variety of sources of income, you will probably need to file a Self Assessment tax return to HMRC, either on paper by 31st October, or online by 31st January, following the previous 5th April.