Author: Wojciech
-
Personal Allowance Tax-Free Income
Beyond the specific Trading Allowance for self-employment, every individual in the UK has a Personal Allowance. This is a fundamental concept in the UK tax system, representing the amount of income you can earn in a tax year from all sources – including self-employment profits, employment wages, pensions, and rental income – before you begin…
-
How Much Can I Earn Self-Employed Before Doing a Tax Return
Being your own boss in the UK offers incredible freedom and flexibility, but it also comes with the responsibility of managing your own taxes. For many new and aspiring self-employed individuals, the tax system can seem daunting. A frequent and crucial question is: “How much can I earn self-employed before doing a tax return?” This…
-
Self Employed Tax Accountant Near Me
If you are searching for a self employed tax accountant near me, you’ve come to the right place. I offer friendly and affordable tax and bookkeeping services for people running their own business in and around Newmarket, Cambridge, Ely, and Bury St Edmunds. Being self employed has many benefits – freedom, flexibility, and the chance…
-
When to Pay Tax When Self-Employed
If you’re self-employed in the UK, knowing when to pay tax when self-employed is just as important as knowing how much you owe. Missing a deadline can lead to penalties, so it’s good to be clear on the dates. Key Deadlines for Self-Employed Tax The UK tax year runs from 6 April to 5 April,…
-
Can Self Employed Pay Tax Monthly
If you are self-employed in the UK, you might be asking: can self employed pay tax monthly? The good news is, yes – there are options to spread the cost of your tax bill instead of paying it all in one go. How self-employed normally pay tax Self-employed people usually pay Income Tax and National…
-
How to avoid paying tax on self-employed income
If you are self-employed in the UK, you must pay tax on the money you earn. But the good news is, there are legal ways to reduce your tax bill — and in some cases, you may pay no tax at all. Here’s how to avoid paying tax on self-employed income the right way. 1.…
-
How Much Money Should I Put Away for Tax Self-Employed
If you are self-employed in the UK, one of the biggest questions you may have is: how much money should I put away for tax self-employed? Unlike employees, tax is not taken from your wages automatically. You are responsible for saving enough to pay your tax bill each year. Why saving for tax is important…
-
Are Accountant Fees Tax Deductible uk
The Definitive Answer: Yes, But Only if… When it comes to managing your finances, the question is often, “Are accountant fees tax deductible in the UK?” The short, definitive answer is: Yes, but only when the cost is incurred wholly and exclusively for the purpose of your trade or earning taxable income. This means the…
-
Can I Do a Self-Assessment Tax Return Myself
Yes, you can do a self-assessment tax return yourself — and many people in the UK do it each year. If your finances are simple, it’s often quite straightforward. HMRC (HM Revenue & Customs) provides an online system that guides you through the process. Who Needs to Do a Self-Assessment? You usually need to do…
-
Do Accountants Need Your Passport?
When working with an accountant in the UK, you may be asked to show your passport. But why is this needed? Why Do Accountants Ask for Your Passport? Accountants are legally required to follow anti-money laundering (AML) rules. These rules help stop fraud and illegal activity. To follow the law, accountants must: A passport is…