This is how you pay less tax when and if you're self-employed
If you're self-employed, don’t forget to claim all your tax-deductible expenses, including cash expenditure where eligible.
If you're self employed, you can claim the running costs of a car, but not the cost of buying one. If you use the same car privately, you can claim a proportion of the total costs
- Cash-flow advantage for the self-employed
If you are setting up as self employed, you may be able to improve your cash position by choosing an accounting year that ends early in the tax year. This maximises the delay between earning your profits and your final tax demand.
If you are self employed, you can carry forward losses from one year and offset them against profits from the next.
If you are self-employed and expect to earn less in 2016/17 than you did the year before, apply to reduce any payments on account that HMRC asks you to make.
Last updated:
May 2016
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Updated By:
MGT Research Team
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