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.
HMRC payments on account can be one of the most surprising tax bills for the self-employed, especially when filing their first tax return for the first time. Here’s everything you need to know about tax bills for the self-employed, how they work and how to budget for them. 1. What are Payments on Account? In a … Read more
Find out what overlap profits are and how overlap relief works on cessation or changing accounting periods, along with examples.
If you are self-employed and your business makes a loss, then you should make a note and use this to your advantage in future years. Here’s How.
Four tax-efficient ways you can make use of your tax loss to reduce your tax bill either immediately or in other tax years.
Find out what HMRC capital allowances are, the types of expenses covered by the rules & how to claim them on your self-employed tax return.
Understand how tax works if you’re employed and self-employed, what you need to check on your payslip and what you have to tell HMRC about.
Find out how your student loan repayments need to be made if you’re self-employed, when they start and how to declare them to HMRC.