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 have written a series of guides and articles that can help you deal with your tax returns, understand more about saving into a pension and get 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 on tax for the self-employed includes guidance on:
- which taxes you are likely to have to pay
- self-employment allowances and expenses
- tax returns for the self-employed
- how payments on account work
Have you ever wondered about what records you need to keep for tax purposes? Find out more with this guide to your duties as a tax payer.
It’s not just about keeping your records in order. There’s always a tax return at the end of the year. Online or paper, deadlines, late returns and possible penalties – it’s 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 a tax allowable expense.
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 are setting up your own business after working for an employer, you will 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.
This guide explains why personal pensions are suitable for people who don’t have access to a company scheme. 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. Self-certification is more challenging than ever following the financial crisis but it is not impossible. If your business is in good shape and you are able to afford the mortgage, then there’s no reason why they shouldn’t lend to you. All the details are in the Which? mortgage guide for self-employed buyers.