Taxd is built for the Self-Employed! Perfect if you work for yourself, and are not paid through a PAYE scheme. File your self-employment tax return, claim expenses and pay tax through our easy-to-use software. Try now, Pay Later with Klarna.
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If you are self-employed, it means that you are not on payroll from a company. It means you most likely work for more than one client, that you use your own money to buy things you may need to perform your work, and that you decide what you do and when you do it. Self-Employed people can also tend to subcontract work out to others, and tend to earn money through sending invoices for work performed.
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.
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.
Taxd makes your UK Self Assessment personal tax returns simple and easy.
You could say Taxd is your own, online digital accountant!
