If you’re feeling confused about how tax works now you’re self-employed then chances are you’re not alone. Income tax and national insurance work slightly differently when you work for yourself. In this section, you’ll find guides to help you understand what taxes you’ll be affected by, how you’ll pay them and top ways to minimise your tax liability.
Friendly Disclaimer: Whilst I am an accountant, I’m not your accountant. The information in these guides are legally correct but are for guidance and information purposes only. Everyone’s situation is different and unique so you’ll need to use your own best judgement when applying the advice that I give to your situation. If you are unsure or have a question be sure to contact a qualified professional. I cannot accept responsibility for any losses or penalties you may incur while following the contents.
Get to grips with the basics of self-employment taxes, what types you’ll need to pay and how much.
The amount of tax you’ll pay is based on your business profits, read these guides to find out more about how you calculate that figure for tax purposes.
Find out the common allowance and reliefs you might be able to claim to bring your tax bill down or support you during trickier times.
If you’re starting out you may make a loss but using them correctly can be beneficial for your tax bill. Find out more about using tax losses in these guides:
More must-read guides to help you keep on top of your self-employment taxes:
www.goselfemployed.co – small business website with easy-to-follow guides on topics like tax, accounting and business registration for the UK self-employed and Limited Company Directors. Follow on Instagram and Tiktok for more.
In this simple guide, I’ll give you an overview of IR35 so you can understand what it all means, including how it works, why it was set up over two decades ago and show you how to determine whether you fall ‘inside the rules’ because you are what is known as a ‘disguised employee’.
Understand the averaging adjustment for authors, writers and artists with fluctuating income or who receive lump sums of money up-front, to help them spread their tax bill over one or two years.
The self-employed income support scheme (SEISS) takes the form of 4 taxable grants, up to £7,500 each. Find out if you are eligible to claim.
An overview of self-employed tax including how they are calculated, sole trader tax brackets and how you’ll pay self-employed national insurance.
Trading profits are the amount of money left over after deducting all your business expenses from your business income. They are shown on a profit and loss account for a specific period of time (normally one year).
Find out what maternity allowance is available for the self-employed, how to apply & how long it’s paid for while you take time away from your business.
Your business turnover consists of your total sales, takings, fees and any other money you earned during your accounting period.
Depending on your profits from self-employment you may not need to pay Class 2 National Insurance. But you do have the option to pay it voluntarily. So why would anyone pay something they don’t have to? Let’s look at why.
When you’re a self-employed dad-to-be getting to grips with your paternity pay rights will help with: planning the amount of take to time off; understanding how your earnings will be affected. Self-Employed Paternity Pay Whilst being your own boss can bring many benefits. When you are employed you have a right to claim for statutory … Read more
Your tax bill can be the biggest bill that you need to handle when you’re self-employed. But, there are ways you can reduce your tax bill if you’re self-employed while staying on the right side of the tax man. For example, claiming expenses when self employed. Read on to find out more! How to Reduce … Read more
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