Overlap Profits and Overlap Relief Explained
Find out what overlap profits are and how overlap relief works on cessation or changing accounting periods, along with examples.
Self Employment Tax
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.
Self Employed Tax Basics
Get to grips with the basics of self-employment taxes, what types you’ll need to pay and how much.
- How Self-Employment Tax Works
- Tax When You’re Employed and Self-Employed
- Claiming Self-Employed Expenses
- Should I Pay Class 2 NICs Voluntarily?
- HMRC Payments on Account Explained
Calculating Your Business Profits
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.
Self-Employed Tax Allowances & Reliefs
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.
- Self-Employed Capital Allowances Explained
- Self-Employed Income Support Scheme Explained
- Self-Employed Maternity Allowance Explained
- Self-Employed Paternity Pay
Tax Losses
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:
- Using Tax Losses When You’re Self-Employed
- Using Self-Employment Losses Against Class 4 National Insurance
- Overlap Profits and Overlap Relief Explained
Other Helpful Guides
More must-read guides to help you keep on top of your self-employment taxes:
- Self Assessment Tax Returns
- Claiming Self Employed Expenses
- How to Repay Your Student Loan When You’re Self-Employed
- A Simple Overview of IR35 for Freelancers
- How to Reduce Your Tax Bill if You’re Self-Employed
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.
Using Self-Employment Losses Against Class 4 National Insurance
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.
Using Tax Losses When You’re Self-Employed
Four tax-efficient ways you can make use of your tax loss to reduce your tax bill either immediately or in other tax years.
Self-Employed Capital Allowances Explained
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.
Tax When You’re Employed and Self-Employed
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.
How to Repay Your Student Loan When You’re Self-Employed
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.