Tax tips for self-employed people

There are many joys to being self-employed. Being your own boss, working flexible hours and directly benefiting from your own creativity are just a few. However, whether you’re a freelance artist, accountant, mechanic or writer, you still need to manage your income and pay tax. If you’ve switched from a full time job then managing your own tax affairs will be new. HMRC certainly doesn’t make it easy. However, there are ways to make sure that you’re on top of your obligations, as well as minimising the amount that you need to pay. Register with HMRC When you become self-employed you’re obliged to register with HMRC. There are time limits that apply to when you need to register. The latest date by which you can register without incurring penalties is 5th October after the end of the tax year for which you need to file a tax return. Tax years run from 6th April to the following 5th April. Make record keeping a priority Many people leave their tax affairs and records until month


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