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Articles tagged with: self employed

on the bridge »

[17 Sep 2009 | No Comment | ]

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Will I pay tax twice?

For tax purposes, all of your income in a single tax year is lumped together and the tax calculation is a single exercise. Nobody should have to pay tax twice.
However, with National Insurance Contributions, the system is peculiar and there is often a risk of paying too much.
Having said that, both the Revenue and the Contributions Agency have been know to make mistakes, lots of mistakes. So it’s worthwhile having an accountant check the position.
If …

one offs »

[12 Aug 2009 | No Comment | ]

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You have 3 months in which to register

When you first become self-employed there are a number of things you should do . . . today!

Register with HM Revenue and Customs (HMRC)
Compile a list of things that you have introduced into the business
Set up a simple accounts system to record income and expenses
Open up a business bank account
Earmark a separate savings account for keeping your tax reserve

And, before doing any of that you should think carefully about the official date …