The same as for regular employees: £11,850 for the 2018/19 tax year.
However, if you earn over £100,000, this allowance is reduced by £1 for every £2 of income over £100,000.
Things get more complicated if you have two jobs and one is self-employed.
You only get one personal allowance, which is applied to what HMRC see as your main employment.
It is very important you make sure that your personal allowance is applied to the job where you make the most money. Just look at the tax code:
When you’re self-employed, you pay income tax on your profits, not your total income. To calculate your profits just deduct your business expenses from your total income.
The amount of income tax you pay is the same as if you were employed.
Here is a self-employed income tax calculator that we built for you.
As a self-employed, you need to pay Class 2 and Class 4 NIC, depending on your profit.
For more information, check out our article about the National Insurance contributions that sole traders have to pay.
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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.
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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.