Self Assessment – tax returns, payments, budgets, etc
Once you’re registered as self-employed, you’ll receive a Self Assessment tax return to complete each year so that you can provide details of your earnings and any other income you get during the tax year (6 April to 5 April). This information is used to work out how much tax you have to pay.
You can find out more about Income Tax, tax return deadlines and the benefits of filing your tax return online by following the links below.
Budgeting for your tax and Class 4 National Insurance contributions
When you start self-employment it may be a while before you get your first tax and Class 4 National Insurance bill. So it’s a good idea to set aside some money from the start. You can download a ready reckoner that may help you budget for this, if your tax affairs are straightforward. This will give you a rough idea of how much tax and Class 4 National Insurance a single self-employed person, with no other taxable income, would need to set aside.