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Self-Employed Tax Return Guide
Being self-employed can be a daunting and stressful place, especially if this is your first time. To help, we have answered some of the most popular questions by people like you…
> What is the £1000 trading allowance?
When you decide to go self-employed, you have a £1000 trading allowance, which means that you can earn up to £1000 gross before you are required to register for self-assessment or submit a tax return to HMRC
> Can I claim expenses when self-employed?
Depending on what you do as a job, when you’re self-employed, you can claim expenses, which will reduce the amount of tax you pay. For example, there are 16 expenses delivery drivers claim on a tax return that reduce the amount of tax they pay when submitting a tax return.
> Can I be employed and self-employed at the same time?
Yes, in the UK, it is very popular for people to be employed and self-employed at the same time. People may work a 9-5 and then have a side hustle in the evening, working for Uber. If that’s you and you need some Uber driver tax advice, why not get in contact?
> Do I have to complete a tax return if my income is under £12,540?
Yes, generally speaking, you must submit a Self-Assessment tax return if your self-employed income is more than £1000 in one tax year (6th April to 5th April the following year).
> How much do you have to earn before you need to register as self-employed?
If you have started trading and haven’t registered as self-employed, once you earn more than £1000 in a tax year, you need to register as a sole trader. Self-employed registration with HMRC is a requirement for anyone who is not on the payroll at the company they work for, and doesnt have tax deducted by their employer.
You may have more questions about self-employed registration with HMRC, working freelance as a designer or how to pay tax if you work in the construction industry. If that is the case, get in touch with us and ask away!
Why do I need an accountant?
Let’s face it, being self-employed is tough. Especially if you have a full time job as well.
We alleviate that stress by filing your tax return on time with HMRC, claiming all your expenses, and ensuring you never miss another deadline again.
Peace of Mind Tax Return Service
for £4.61 per week
- We calculate you’re tax bill to review and sign
- Accredited Accountants prepare your tax return
- Support to reduce your tax bill
- Expense advice to claim on your tax return
Who do we work with?
We work with anyone self-employed. Freelancers, construction, delivery drivers and people working for Uber.
Let’s get started
Book a 1:1 session today and get your tax return submitted in a couple of clicks. We can discuss your expenses, tax and your journey through self-employment.
Ugo Tax 