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Self-employed tax FAQ's
Tax Glossary
Tax Forms Explained
When you’re self employed expenses are used to reduce your taxable profit and therefore reduce the tax you pay. Your expenses get entered on to your self assessment tax return. In order to arrive at your taxable profit the basic method is to start with your income (or turnover) and deduct from this the relevant self employed business expenses that you have incurred during the tax year . Read the rest of Self employed expenses
So you’ve decided to take the plunge and work for yourself, good on you. Your in good company, recent statistics say that over 1000 are beginning to work for themselves every month. There are a few things you should be aware of though when you start working for yourself, Tax obligations and such like.. Read the rest of Becoming self-employed
Even though you work for yourself you still need to keep up with your NI payments. It’s important to contribute to ensure you are eligible for benefits in the future. Read the rest of National insurance contributions for the self-employed
The phrase self assessment relates to the fact that it is now the taxpayers responsibility to inform HMRC about their tax affairs during the year concerned. Read the rest of Self Assessment explained
Self assessment was introduced in 1998 as the way taxpayers would inform HM Revenue of the income they have received during a tax year. The phrase self assessment relates to the fact that it is now the taxpayers responsibility. Read the rest of Tax returns - key dates for self assessment
Most people pay their tax as they go along by having it deducted from their wages by their employers. If however you are not employed but still have income that is taxable you will need to register with HMRC and complete a self assessment tax return each year. Read the rest of Who needs to complete a tax return?
