Self Employment Guide Summary
Self Employment Guide designed to address the issues everybody faces when becoming self employed
Self Employment Guide Sections:
Becoming self-employed
Becoming self-employed Definition of self-employment Becoming self-employed is the simplest form of running your own business. You don’t have to set up a company and there is very little paper work to do. You can do self employed work at the same time as being...
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 (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 pay...
Turnover and Expenses
Turnover and Expenses Your turnover is the total of the payments you receive from your customers over a time period, before you deduct the cost of goods or materials that you have bought and any allowable expenses. If your turnover is below £150,000 a year you’ll...
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: 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...
Triginta’s Unique Calculator
Triginta provides a unique calculator for self-employed people to calculate how much to set aside for tax and national insurance through the year.
There are numerous calculators available on the internet to help self-employed people work this out. But typically, these just ask the self-employed person to estimate how much they’re going to earn over the year, and work out how much tax they’d be liable for by averaging it evenly over twelve months.
Triginta is different – find out why here
Update your invoices and expenses as you go
- Create invoices online and input the figures automatically into your books
- Track payments and income
- Record your expenses as you go and input the figures automatically into your books
- Snap and save receipts and link them to your claims
- Get an accurate calculation of how much you should set aside for tax and NI each month
- Build up a clear picture of your self employed finances through the year
- Easily transfer your figures into your self assessment return at the end of the year
Making calculating tax easy for self employed people
Triginta is an online bookkeeping tool with a unique tax calculator designed for the needs of self employed people.