Taxd is built for the self-employed Secret Spa Therapists. Perfect if you work for yourself, and need to file a Self Assessment tax return.
Securely hosted on the cloud
Supervised by the Chartered Institute of Taxation
Recognised by HMRC
Throughout the Taxd process, our accountants are here to support you with any questions.
Tax law can be daunting. So we help you learn and understand it all during your Self Assessment.
Taxd covers more ground than a human accountant. This way, it can help you pay the least tax possible.
You need to file a tax return if you made £1,000 or more in revenue. That’s true even if your expenses were higher than that. If this is the case you can easily report a loss and this can be used against profits you make in the future with Taxd.
General expenses could be; the cost of equipment needed to perform your role, travelling to client sites, online subscriptions or costs of equipment needed to perform your role, premises costs, wages, professional fees, and marketing.
But that’s not all. There may be many more specific expenses depending on what you do, which Taxd will be sure to ask you about and tailor questions based on your role.
Those self-employed pay tax via a Self Assessment tax return. And even if you have a job and are also self-employed on the side you will need to do a tax return which will include your employment details.
Self-employed income is treated like employment income. This means that you will have the same personal allowance across both earnings. For the tax year 2023/2024, personal allowance is up to £12,570. Expenses are subtracted from revenue to work out your profit and this figure is put through the income tax rates.
If you stop being self-employed you need to tell HMRC so they can remove you from the register for Self Assessment.
Start your tax return
Your filing and payment deadline is 31 January 2024. Why not get ahead of the game and file early? Trust us, there's nothing better than getting that tax stress out of the way early on!