While being self-employed has its perks, dealing with tax as one can be a nightmare. Late, missed or improper tax payments can result in thousands of pounds worth of fines and penalties. If you are self-employed in the UK, let this infographic by Russell Smith Chartered Accountants help you in sorting your self-employment tax.
The key to a successful tax season is starting early. Next, separating business transactions from personal transactions makes it easy to identify expenses and net income.
Once you have submitted your tax returns, be sure to keep last year’s receipts stored safely, in case you are audited in the future.
Make a note of every business expense you make as and when you make it, so you don’t forget important claims once tax day rolls around.
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