SELF EMPLOYMENT TAX

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SELF EMPLOYMENT TAX
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If you are working for yourself either as a freelancer or sole trader, or even if you employ others but have not set up a limited company, then you will be classed as self-employed by HMRC and will be subject to Self Employment Tax. There are certain tax rules and policies which apply to being self-employed. The first thing you need to be aware of when planning your taxes is the requirement to register as a self-employed person with HMRC as soon as you can. If you fail to do so and fail to send in tax returns as a result, you can be heavily fined. You need to register WITHIN 30 DAYS of being in business, to avoid being fined. As a self-employed person you will still need to pay income tax and national insurance contributions, so will need to file a self-assessment tax return with HMRC every year to declare your income and expenses. The self-assessment calculates how much income tax and national insurance you need to pay for that year. It is always good to professional tax advice from our specialist tax accountants to ensure you set up the self-assessment correctly.

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