Wednesday 28th March 2018

How much tax do I pay if I am self employed ?

If you started self-employment in 2017-2018 and want to find out how much tax to set aside for your taxes.  This simple profits matrix should allow you to budget for your upcoming tax payments. 

Watch out for the first payment due in January 2019 as it could be as high at 58.81% of your business profits with the payment on account.  The first payment of tax for self-employment is effectively 18 months of tax and often the one most self-employed people fail to budget for. 

Our tip is to get your accounting information to an accountant as soon as is possible after 5th April 2018.  Do not leave it until January 2019 as you might have an unexpected tax bill to pay.

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We will link your business bank account to Xero software. All your income and expenses will feed directly in to Xero. This saves you time in preparing your year end paperwork, and you can even store your documents in Xero