Self-Assessment tax season is once again upon us and the new tax year brings updated tax rates for self-employed individuals in the UK, specifically for sole traders. One of the key changes for 2021-22 is the National Insurance Contributions. It is important to familiarise yourself with these changes and set aside enough money for your Self Assessment tax return so you don't run into any trouble. Let's take a look at some of the key updates for you to be mindful of before filing your Self-Assessment tax form in 2023.
TRADING ALLOWANCE FOR FREELANCERS 2023
Setting up a business is daunting enough, let alone getting your head around the tax system! The more you know starting out, the smoother the ride. One concept that may be relevant to you is the trading allowance, also known as the "trading income allowance." This allowance is a tax-free amount that you can earn from providing services as a freelancer. Bonus, it can be used in addition to your Personal Allowance!
6 ACTIONABLE STEPS TO EARN MORE THIS YEAR
We don’t need to tell you, but being freelance is great: the freedom it gives you, the control you have over your time and – hopefully – the money it brings in. But for those times when the cash isn’t forthcoming and you’re wondering how on earth you’re going to pay next month’s bills, here are some ways you can earn more in 2022.
FINANCIAL PREDICTIONS FOR FREELANCERS IN 2021
We know that sorting out finances isn’t the most exciting part of freelance life. It can be boring, tedious and unbelievably frustrating at times. That being said, it’s an important and necessary part of the job.
FILING YOUR SELF-ASSESSMENT TAX
Across the land, freelancers are digging out old invoices, requesting receipts and figuring out which expenses they can put on their self assessment tax form as the deadline draws ever closer. However it's not just January 31st that freelancers need to be aware of, there are a couple of additional dates to put in the diary. Our friends at TaxScouts have compiled a handy checklist of key tax dates, ways to file your self-assessment and consequences if you don't to ensure freelancers stay on top of their financials.
THE PRO AND CONS OF BOOTSTRAPPING IN BUSINESS
Bootstrapping is a term bandied around a lot to describe the way in which many entrepreneurs operate, manage and finance their startups. What is bootstrapping and what exactly does it mean in a business context?
FREELANCE GENDER PAY GAP?
In many ways, the freelance revolution has been great for gender equality. It’s no wonder that more and more (especially young) women are going freelance. It’s a tantalising opportunity for empowerment - working for yourself with flexibility and freedom, whilst escaping the hierarchies of corporate work. Utopia - am I right? Not quite.
CAN I CLAIM FOR SELF-EMPLOYED INCOME SUPPORT?
The self-employed community welcomed the Chancellor's Self-Employed Income Support Scheme (SEISS) to help ease the financial pressures many are under during the current crisis. However, as many as 2 million self-employed individuals are estimated to be ineligible for the scheme. To see if you are able to claim, we've designed a SEISS infographic.