Income tax rates, tips and advice for the UK self-employed, freelancers and sole traders
Income tax is a type of tax you pay on your earnings – find out about what it is, how you pay, check you’re paying the right amount and the reliefs available to reduce what you pay.
The complete guide to sole trader taxes, filing tax returns and claiming expenses, reliefs and allowances that reduce your tax bill.
In this guide I answer common questions about self employed tax that I see online and was most asked in my previous life as a Chartered Accountant.
Taxable income is the income that you must pay tax on in the UK. Not all types of income are taxable, some are non-taxable, tax-free or covered by income tax allowances and reliefs. Use this checklist to learn which ones are taxable and which aren’t.
Here are the main income tax allowances and reliefs that reduce the amount of tax you have to pay. The ones you can claim depend on your personal circumstances and business spending.
Not all state benefits are taxable in the UK. Use this list to check benefits you need to pay tax on and which are tax-free.
With more and more children showing an interest in starting their own businesses I am being asked more often whether children have to pay tax in the UK. Here’s what you need to know to start guiding your child in the right direction.
If you or your partner earn between £50,000 and £60,000 then you’ll need to pay back any child benefit you have received in the form of an Income Tax Payment.
Let’s talk about HMRC Payments On Account as we fast approach the self assessment tax return filing deadline of 31 January. HMRC payments on account can be one of the most surprising tax bills for the self employed – especially for anyone who is filing their first self assessment tax return form. Here’s everything you need to … Read more
The Income Tax Bands for 2018/2019 in the UK are set as: Band Taxable Income Tax rate Personal Allowance Up to £11,850 0% Basic rate £11,851 to £46,350 20% Higher rate £46,351 to £150,000 40% Additional rate over £150,000 45% What is the Personal Allowance The personal allowance is the amount everyone in the UK … Read more
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The information contained in this website is for guidance and information purposes only. It should not be relied upon as professional accounting, tax and legal advice. For specific advice relevant to your own situation, always contact a professional.
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