top of page

The Full Breakdown

Paying Taxes

From here you can get an accountant. but only when you start making more then £1000 then you should consider getting an accountant. But you are entitled to tax free status on £12,570 per year April-April.

Understanding expenses

There's far more expenses you can list but here is an example of how much is tax deductible. there's hundreds more as long as you need it to run ur business or it helps run your business then it is classed as tax deductible please seek a tax professional for expert advise but use this as an example route. 

Ideally you want to get paid weekly to keep records more organises getting paid daily can make accounting and keeping records a pain unless you have an accounting software linked up with your bank.

We recommend setting up as a sole trader and deducting expenses as well as contributing to a private pension which is fully tax deductible and you get a 20% government bonus on top. 

 

  1. Remember you do not need to pay tax on over £1000 (April to April the Tax year)  

  2. You do you have a tax Free allowance on earnings of £12,570 April to April meaning you do not have to pay taxes on this amount anything over will be subject to taxes, unless you deduct your income from Business expenses, if the expenses are higher than taxable income the less tax you will pay.  

  3. We recommend claiming as much potential expenses as possible to lower your potential taxes as much as possible. 

  4. We Recommend to also get a good ISA account if you are in the UK (Trading 212, Plum ideally. 

bottom of page