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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I'm looking to go to self employed and was wondering

Resolved Question:

Hello, I'm looking to go to self employed and was wondering how to work out the tax, I will be working as a barber :)
Thanks, Jamie
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloIf you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.You may have many of the following costs:stationery or phone bills uniforms stock or raw materialsinsurance or bank chargesheating, lighting, business ratesadvertisingAdd up all your allowable expenses for the tax year and put the total amount on your Self Assessment tax return. You should keep proof and records so you can show them to HM Revenue and Customs (HMRC) if asked.How much tax you pay will depend on the Income Tax band you’re in. You need to register if you didn’t send a tax return last year. You must register for Self Assessment as a sole trader if you do not work for someone.The numerous links in my response should assist you but let me know.Please advise if you need more information or rating in a positive way is acceptable.
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Customer: replied 1 year ago.

Thank you for your response, is it possible to pay accountant would you know rough cost?

Expert:  TaxRobin replied 1 year ago.
I have seen were many have quoted £150 to £200 for a basic self-assessment service. You woudl need to request the fee when you check on the accountant.You can check herehttp://www.icaew.com/ but it will not tell you the fees only that the accountant is registered.You are most welcome.My goal is to give you excellent service.Your positive rating is thanks enough

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