Self Employed

If you are self-employed, in simple terms you work for yourself. There is no legal distinction between you as the business and you as the individual. This type of business is often referred to as a Sole Trader.

A sole trader records their income and expenditure and reports this to HMRC via a self-assessment tax return each year. You pay income tax and National Insurance Contributions on the profits of your sole trader business, subject to the thresholds and allowances applicable to that tax year.

Sole Traders take their income from the profits of the business and do not pay themselves a salary. Sole Traders can be employers and can be VAT registered, as with other types of business.

Good To Know

 

The tax year runs from 6th April to 5th April.

A self-assessment tax return is due to HMRC (online submission) by 31st January following the end of the tax year.

Tax payable (and other amounts such as National Insurance Contributions, Student Loan etc) is due to HMRC by 31st January following the end of the tax year.

First Payment on Account* is due 31st January

Second Payment on Account* is due 31st July

*more information on payments on account can be found here

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Caroline has recently finished my accounts for me. She has done an excellent job of pulling everything together and I felt both relieved and confident, that they were submitted correctly.

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For a small business owner like me who knows next to nothing about self assessment and has no inclination to further their knowledge, what I need is someone who simply takes care of it all. That’s exactly what I got from Caroline; she is efficient and friendly and is incredibly knowledgeable. Nothing is too much trouble and she has taken all the stress out of the whole process for me.

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