Being self-employed means that you run a business of one, so HMRC expects you to act like one.
What you need to do:
First, check out our step-by-step guide to registering as self-employed.
Then you might also want to read the most common questions related to setting up as a sole trader here.
You’ll also need to remember to let HMRC know when you stop being self-employed. They’ll still expect you to file a tax return otherwise.
When you register as self-employed, you are given the option between cash basis and traditional accounting.
We recommend just ticking cash basis as it’s the easiest: you simply track what goes in and out of your bank account.
We know it’s tempting, but don’t mix your personal spending with your self-employed income and expenses.
You don’t need to show documents when you file your tax return, but HMRC will ask for them if they ever audit you.
You must keep records for 5 years.
You should register only if:
For example: the tax year is April 6th 2017 to April 5th 2018, so you have until January 31st 2019 to submit your tax return.
Also, don’t forget to claim:
You might have to pay up to 150% the first time – read more about Payments on Account here so you know what to expect.
Get your self assessment prepared for you online by certified accountants for £119
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
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Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.