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To Use and
Accountant or Not - When it come to taxation we suggest you
always use an expert in that area. You can then spend the time
in your business making a profit to pay the accountants bill.
At least you know everything will be done correctly.
© Copyright 2007 www.Self Employed Help .co.uk
~ All Rights Reserved.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS
ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. |
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Self Employed Tax
Explained
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Contrary to what everyone
thinks self employed people have to pay taxes just like
everyone else. The taxation system in this country is
controlled by the IRS (inland revenue service). Most
people who work for themselves will hire an accountant
to do their taxes as doing them yourselves can be very
time consuming and can take your time away from your
core business activities.
That been said unlike employees who have a certain
personal tax
allowance and then have to pay a certain percentage of
tax for income above that level, people in
self-employment can claim for expenses incurred for
business activities. These can include things like
clothing, stationary, computer equipment, petrol,
training, materials, advertising etc. The amount that
you can claim for depends on the percent of the item
that is used for the business.
In order to claim receipts need to be kept to prove that
the item or service has been paid for. These expenses
are then added up and your total tax to be paid will be
much les that that of a employee of a company. Self
employed tax is a very confusing area so we have created
several articles in this section to look into this
further. In our download section you can also download
tools to help with your taxation records.
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