Entrepreneurs To Get Taxes In Order As Self-Employment Hits Record
Professionals who are going self-employed for the first time are being warned to make sure that they are fully prepared to pay tax.
The number of people who work for themselves is at a record high in Britain – with 4.5 million now proud to call themselves their own boss.
All in all, the central piece of advice is to make sure you are prepared for the large income tax payments that you’ll be expected to make twice a year. Unlike normal employees, who have revenue collected evenly every month, most entrepreneurs have to face a bill every January and June.
The best way to prepare is enlisting an accountant at the start of the tax year, receive regular advice, and try to stash 20% of your earnings away to reduce the impact of making a payment.
In addition, it’s also important to remember that self-employed people miss out on certain perks including eye tests, pensions, and a stable income.