up on your own can be an incredibly exciting time. Whether it’s full-time or a side hustle, being self-employed can open up a level of satisfaction, freedom and opportunity that you may never have thought was possible.
If you’re self-employed and registered as a sole trader, you’ll need to complete a self-assessment tax return. This tax return needs to be submitted to HMRC by the 31st January after the end of the tax year.
On top of this, your tax return will also need to show other income sources for the year (e.g. a regular full-time job).
SPECIALIST SOLE TRADER & FREELANCE CONTRACTOR ACCOUNTANTS
We provide self employed accountant services to people all over the world. Helping our clients through the entire process is what we do best; from registering, to advising on tax allowable expenses and preparing & submitting their tax returns. We make it Dead Simple for you.
We can advise on further expenses for your tax return and minimise your tax liability.
At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.
If you’re interested in other services, such as setting up a company or payroll, head over to our quote page for a free and instant estimate.
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WHAT EXPENSES CAN I CLAIM WHEN SELF EMPLOYED?
Our team of qualified accountants can guide you through all the different expenses that you can include on the tax return, so that you can save tax. We’ve listed below some of the most common expenses:
- Accountancy fees
- Business insurance
- Business travel in own vehicle
- Business travel on public transport
- Cost of sales
- Interest and finance charges
- Legal fees
- Protective clothing
- Recruitment fees
- Repairs and renewals of property and equipment
- Small tools
- Subscriptions to professional bodies
- Training and courses
- Use of home as office
- Wages and staff costs
Need Some Further Help?
If you have any further questions or would us to help with your tax needs, get in touch with us today.
Self-employed, Freelancer & Sole Trader Accounting FAQs
Accountant fees vary, but they are absolutely worth it. They can help set up your company, file your taxes, help reduce your tax bill and more.
Freelances pay estimated taxes twice a year, known as ‘payments on account’. Tax is based on profit, which is total income minus expenses.
As a sole trader, you pay income tax on profits above £12,570 at rates of up to 45%. You may also need to pay National Insurance Contributions.
You must report your self-employed earnings from freelance income by filing a self-assessment tax return.
As soon as you become self-employed, you need to register and let HMRC known, even if you don’t find work straight away.
These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.
We only work with the best of the best, and have partnered with several big names to offer you various goodies when signing up.