If you work for yourself then it’s a legal requirement to register as self employed. You will then receive notification that you have to complete a tax return. The deadlines for this tax return are October 31st if you complete a paper tax return or January 31st if you complete an online return.
Essentially anyone can register as self-employed, and there are obviously lots of benefits to working for yourself. You might be a freelance writer, artist, hairdresser or consultant. Self-employed is a very broad category, which includes every type of person you can think of.
Not every one of these people will feel comfortable completing a return. However, a return is crucial for calculating yours elf employed taxes. On viable solution may be to outsource completing your tax return to someone else.
A big advantage with doing this is that a specialist company can ensure that you pay only the tax that you owe. For instance, did you know that you can claim back the cost of certain equipment that you need for your work, the cost of petrol and even some of your rent and other running costs.
Claiming these kinds of things isn’t easy, as you need to ensure you’re only claiming for what you actually deserve. With this in mind, throughout the year you should keep very detailed and accurate records of your expenses, so that you, or a specialist company, can complete your return accurately.