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SELF EMPLOYMENT TAX
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Income Tax is payable by everyone, self-employed or otherwise, and is deducted from the amount that you earn in wages from your self-employed income. When you work in a self-employed capacity, you are responsible to register your profits with HMRC. You must do this via a tax return form called a self-assessment and this must be done annually at the end of each financial tax year. It can be done on a paper form, but it is most commonly done online by around 90% of self-employed individuals. If you are completing it online, the deadline to submit it is longer. Whether you run your own business or are completely self-employed, you must pay the taxes that are due to HMRC on time. Being self-employed means that you are your own boss, and you run your business by yourself whether it succeeds or fails.

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