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What to do ?
If you are thinking of becoming self employed and still
don't know what to do then we suggest you stick with something
you already know about. Something you have previously
done as a hobby such as canoeing, motor biking, child care
etc. This ensures you're enthusiasm is high and you will find
the business interesting.
© 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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What You Should Know About Self Employed Tax
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For most self employed people, tax can be a real nightmare. Trying to work out how much to save and how much you owe can be next to impossible. Whilst there are websites available and a free self employed start up brochure is also available from the HM Revenue, there is still not much help available if you do not know where to look.
What You Should Know
The main problem people have with tax is that they do not know how much to save. This can often result in people not saving enough tax and that can lead to serious problems at the end of the year.
When you are employed you do not have to worry about anything, tax is taken out automatically at the end of the month and anything you have left over is yours to spend. However when you are self employed you have to make a judgement as to how much you should be saving. The Hm Revenue do not tell you until it is time to pay, so how exactly do you know what to save?
Luckily there are a few online calculators available which will let you know roughly how much tax to save. All you have to do is type in how much you earnt within a month and the calculator will tell you how much tax you should save. If you do that each month you should not have much problem and it is definitely one of the best ways to calculate your tax on a regular basis.
If you cannot afford an accountant then tax can be a serious issue. If you run a limited company you will need an accountant as the tax is a lot more complicated with a limited company, even though it is usually less than when you are a sole trader.
Overall tax can be confusing but there is a little help available if you really look hard. The Hm revenue website has some good information on there and if you can find a tax calculator then that can really help too. The main thing to remember is to save enough tax as you really do not want to get on the wrong side of the tax people!
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