Self Employed Tax Help
Once you have decided to become self employed, one of the key differences that you should be aware of is that the tax rules are quite different from those governing the taxation of employees. Unlike employees no tax or national insurance is collected from your earnings at source, so you must instead set aside part of your income towards the bills that you will receive. This is something that takes some getting used to but it is important if you wish to avoid an unwelcome surprise.
If you become self employed you will, of course need a good Accountant. However iyou may need to clarify what to expect and the problems you may have to think about. At the Portland Centre we can help you sort through all the red-tape you are going to encounter.
We can help with questions like these:
- Are you actually self-employed?
- Registering as self-employed isn't as time consuming as you may think – we can help
- How to work out if you're liable for National Insurance, VAT, business rates or capital gains tax
- Income tax and the self-employed
- You are responsible for declaring and paying income tax on the profits from your business
- You will have work out if you have to pay tax by completing a SA103
- Other taxes the self-employed pay
- You will have to work out if you are liable for National Insurance, business rates or capital gains tax
- When would you actually have to pay tax – we can advise you on how to work out where you stand
- How do you make the best use of Capital Allowances
- Is it possible to reduce your tax bill
- Self-Employed Taxable Allowances
- Make sure you can claim back all your allowable business expenses to reduce your tax bill
- There is quite a lot of paperwork which you will have to complete
- We can help you with advice on how to complete the forms
You will have to consult an Accountant, which will cost money, but it will be necessary and hopefully worth it. The Portland Centre can help you sort out which questions you need to ask, saving you money by cutting down the amount of time you have to pay for.
Here are some other Self-Employed Tax topics you should consider:
- How to do you register a new business for tax and National Insurance
- How do you report that you are closing/selling a business or that you are going to stop being self-employed
- How do you complete your tax return
- How do you file a tax return online
- How do you work out if you're liable for National Insurance, VAT, business rates or capital gains tax or even a tax refund
- How do you authorise an accountant to act on your behalf
- Should you / are you able to claim a National Insurance refund
- Will you need to register for VAT
- How do you register for VAT
- What happens if you want change your VAT registration details
- How will you complete and submit your VAT Return
- How do you make a VAT payment or get a refund
- Is it possible to register for the Construction Industry Scheme
- Will you need to register with HMRC under Money Laundering Regulations
- How / In what circumstances do you need to report a suspicious transaction under Money Laundering Regulations
- How / when do you need to report changes that might affect my tax
- What happens if you want to take on an employee
- How / when should you tell HMRC about undeclared income
It is our promise that you even if the questions listed above look overwhelming, when you seek help at the Portland Centre, will find Specialists who can offer information and tips on what you need to know before seeing your Accountant . Just remember his time is your money!
You will may be excited, a little nervous or even anxious about this new project, but even after your first contact you will feel so much better because you will have taken the most important step to sorting out your tax inquiry.
If you want to find out more about tax, just call us on 01305 824333 or email us using our contact form or pop in to see a Portland Centre Staff member, to receive immediate assistance.