What is a tax return?

The phrase tax return is used in several different contexts in the UK, which can cause confusion for founders unfamiliar with the distinctions. Understanding what different types of tax return exist, who is required to submit each one, and what each contains helps founders meet their obligations without confusion or duplication of effort.

A Self Assessment tax return is submitted by individuals to HMRC annually, declaring income, gains, and allowable deductions and calculating the Income Tax and National Insurance owed. A Corporation Tax return is submitted by limited companies for each accounting period, reporting taxable profits and tax due. A VAT return is submitted by VAT-registered businesses, typically quarterly. Each return is distinct, with its own format, filing process, and deadline.

Many founders must submit more than one type of return — a limited company director may need to file both a Corporation Tax return for the company and a personal Self Assessment return. Keeping track of which returns are due and when requires a clear compliance calendar. Our guide to tax returns for UK founders explains each type and which apply to different circumstances.