More Magazine Reader Q&A Being Self Employed

I’m about to declare myself self-employed. What do I need to know? I’m scared about working out how much tax I owe! Annie, London

Michelle says: When you become self-employed it means you have to pay your tax directly to the tax man. To do this you have to fill out an annual tax return detailing your earnings and expenses. First get in touch with HMRC. To become self-employed, you can register online, and they’ll send you a unique reference number. You must get a folder to keep all your invoices, expenses and receipts. It’s also helpful to have two spreadsheets, one for your invoices and once for expenses. For your first year I’d get help from an accountant. Fees are cheaper outside of the south east, so consider sending your accounts to another part of the country. Get lot’s of quotes, but expect to pay around £150-£300. Once you’ve seen it done professionally, it will give you the confidence you need for next time. Finally, don’t leave your tax return until the day before the 31 January deadline

(Please Note: The information is from the More Magazine article ‘How to make your CV sparkle’ By Michelle Dewberry’  in Issue 7th January 2013, I did not write this!)

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