You’re self-employed if you run your own business, hire people, provide the equipment you need to work, charge for your services and sell goods or services for profit. A sole trader or self-employed person is not a limited company. If you’re unsure or need further information, please consult the HMRC website.
When you are self-employed, you are responsible for notifying HMRC of your earnings and paying all appropriate taxes. In order to do this correctly, you must keep records of:
You must fill out regular tax returns – or have your accountant file it for you.
There are many costs associated with running your own business. If you have purchased certain items or services in conjunction with the day to day running of your business, you will be able to offset these against your turnover – meaning you do not have to pay tax on that amount. (i.e If you have spent £10,000 on expenses, and your turnover is £40,000 – you will only pay tax on £30,000).
Plus other specific expenditures.
At A&S Accountants, we can take away the tax headache of being self-employed. We make your tax returns, simple. We keep on top of your accounts and give you complete peace of mind.
Don’t panic about your annual tax returns and on time submission dates: From £250 per year – we’ll keep on top of your tax return for you.