When is self-employed tax due?
Self-employed tax and NIC is due following the end of the tax year.
For untaxed income earned during the 2019-2020 tax year, the deadline for submitting your taxes online is 31st of January 2021.
Do I have to pay VAT if I am self-employed?
Yes, once your revenue exceeds £85,000 you must pay VAT.
Do sole traders pay corporation tax?
Individuals that operate as sole-traders do not pay corporation tax. They will pay tax on their business profits through annual self assessment.
When do I pay VAT?
Once your business turnover exceed £85,000, you must register and pay VAT.
Should I set up as a sole trader (self-employed) or limited company?
Both sole traders and limited companies have their advantages and disadvantages. The main factors are liability, tax, borrowing, rent and more. Contact us for free consultation.
What is the current inheritance tax rate?
Standard inheritance tax rate is 40% (2021). It is charged on the part of your estate that is above the threshhold of £325,000