Being self-employed can be great – what’s better than being your own boss? But it does come with responsibilities and challenges, particularly when it comes to managing the financial side of your business.
Our colleagues at Which? Money have a wealth of knowledge in this area. They've written a series of guides and articles that can help you deal with your tax returns, understand more about saving into a pension and guide you through getting a mortgage if you're self-employed.
Self-employed – tax guidance
One of the big questions new traders ask about is how to deal with their tax responsibilities. The Which? guide to tax for the self-employed includes guidance on:
- which taxes you're likely to have to pay
- self-employment allowances and expenses
- tax returns for the self-employed
- how payments on account work
There’s always a tax return at the end of the year. How to file your return, the deadlines, what happens to late returns and possible penalties are all explained in the guide to tax returns.
There may be ways of saving yourself some tax in the form of allowances and tax deductible expenses. It’s important to know what you can and cannot claim as tax allowable expenses.
How does being self-employed affect your National Insurance payments? What about if you have employees? The Which? Money team explain all about National Insurance.
Self-employed – pension advice
If you're setting up your own business after working for an employer, you'll need to set up your own pension. But what are pensions and how do they work? Find out more with the introduction to personal pensions.
These guides explain why personal pensions are suitable for you, how to get tax relief on your contributions and what your investment choices and options are.
Self-employed – mortgage guidance
One area that can be particularly tricky when you are self-employed is getting a mortgage. But if your business is in good shape and you're able to afford the mortgage, there’s no reason why banks shouldn’t lend to you.
All the information you need to know can be found in the Which? mortgage guide for self-employed buyers.