The self-employed taxes are the same as the ones regular employees have to pay: income tax and National Insurance contributions.
You’re just paying them differently: instead of the employer doing it for you, you have to calculate them, file a Self Assessment tax return, and pay the taxes yourself.
Is the same as for regular employees: £12,500 in the 2019/20 tax year.
If you have two jobs and one is self-employed, make sure that your Personal Allowance is applied to the one where you make the most money.
Just look at your tax code:
Unlike for employees, when you’re self-employed you pay income tax on your profits only, not your total income.
To calculate your profits deduct your claimable expenses from your self-employed income.
Then simply multiply by the tax rate:
|between £0 and £12,500||0%|
|between £12,501 and £50,000||20%|
|between £50,001 to £150,000||40%|
Here is a self-employed tax calculator if you want to know how much you have to pay.
As a self-employed, you need to pay:
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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UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
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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.