Self Assessment

Self Assessment

Self assessment As a self employed person you’ll pay income tax in the same way and at the same rates as you would for income for employment.  You’ll have to complete a self assessment tax return and you will declare your self employed income separately on your...
Income Tax and NI

Income Tax and NI

Income Tax and NI (National Insurance) Income Tax and NI – You pay the same income tax on self employed income as you do on income from employment. You have the same tax allowances, tax bands and tax rates as someone in employment. As a self employed person, you...
Pension

Pension

Pension Advice Can I pay into a pension when I’m self employed? Pension advice: You should think about setting money aside for your retirement when you’re self employed. When you pay into a private self employed plan  you will receive tax relief in full against the...
VAT Advice

VAT Advice

VAT Advice VAT advice: You must register for VAT (Value Added Tax) if your VAT taxable turnover (not your profit) is over £85,000 over a 12 month period.  This is a rolling 12 month period rather than a fixed period like a tax year or calendar year. So if your...