Originally posted by TheCyclingProgrammer
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Previously on "Self-employed - tax and financial actions needed?"
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Thanks all! The expenses guides are very help, and I keep my receipts so that should be fine. I haven't set up a separate account yet, but that's a good idea so the business and personal transactions are kept separate. I'd be paying personal expenses from my personal account but receiving payments into the business one - do you just transfer funds from the business to personal account as required?
I already fill in a self-assessment tax return so would be doing that anyway. And yes, I'll ask my accountant but since I usually get charged for advice, I want to make sure I understand as much as possible first, so I can ask the right questions
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Did you start before or after the beginning of the new tax year?
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I suspect you will need to register as self employed with HMRC and they will then ask you to fill in a self assessment tax return.
Keep all receipts, try and maintain a separate bank account for your business dealings (or else if there's every any query Hector can trawl his way through all your personal stuff).
This is starting point for expenses as a self employed person:
https://www.gov.uk/expenses-if-youre...loyed/overview
This might also help:
https://www.gov.uk/topic/business-tax/self-employed
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Originally posted by goldfish View Post2. Where can I find more details on which expenses are tax deductible?
https://www.gov.uk/expenses-if-youre...loyed/overview
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Self-employed - tax and financial actions needed?
I've recently returned to work and I am currently a self-employed advisor. I am working with a client but there are no pre-agreed hours or days in our contract - we agree on the work depending on what they need and my availability. I invoice at the end of each month and they pay me a daily/hourly rate for the work I've done. There are no deductions made for tax, NI, etc. I am not registered for VAT. I have had a limited company before but do not want to set one up this time because I may not be self-employed for long, and there are significant costs and overheads associated with operating a limited company for only a short period.
1. I am keeping part of the money I receive aside because I know I'll need to pay personal income tax on it at the end of the year. Is there anything else I should be doing to ensure I meet any legal or financial requirements?
2. Where can I find more details on which expenses are tax deductible?Tags: None
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