Self Employed  and  Contractors  Tax
If you are self employed or a contractor than you would need to pay Income tax and national insurance. You must fully understand that whether you are employed or self employed, a slight misdirection can lead to wrong tax  application resulting in liabilities and penalties. Self Employed person is allowed certain allowances and reliefs which if you apply can significantly reduce your tax bill. At Right Tax Advice our expert Tax Specialists will advise you on Self Employed/Contractors Tax which not only reduce your tax bill but also save money in future. There are certain tax reliefs which you might not be aware until you receive a huge tax bill with fine, therefore, it is advisable to have a tax consultation. We will attempt to provide you a complete Tax advice according to the statutes and latest case law.
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 Tax is Applicable On  ;
(Please note folloiwng are the broad areas, for right tax dvice as per your circmstances fill the form below)
  • money you earn from business and profits thereon

  • profits you make if you’re self-employed - including from services you sell through websites or apps

  • some state benefits

  • most pensions, including state pensions, company and personal pensions and retirement annuities

  • rental income (unless you’re a live-in landlord and get less than the rent a room limit)

  • income from a trust

 

 

Income Tax is not Applicable On ;
  • tax allowances on the set amount before you pay tax, currently 11,000.

  • interest on savings under your savings allowance

  • income from tax-exempt accounts, like Individual Savings Accounts (ISAs) and National Savings Certificates

  • the first £5,000 of dividends from company shares

  • some state benefits

  • premium bond or National Lottery wins

  • rent you get from a lodger in your house that’s below the rent a room limit

Income Tax Allowances and Reliefs  ;
  • Expense You made in Business
  • Losses from previuos Years
  • Investments made in Businesses
  • Annual Exempt Amount Which is Over 11, 000
  • Married Couple Allowances
  • Marriage Allowances
  • Blind Person Allowance
  • Personal Allownance for As per Age

 

 For Detail Free Tax Advice, Please fill the Form, Click Here

 

The UK Self Employed Tax advice includes from Statutes and the major case Law, such as ;

Statutes ;



  • Income Tax Act 2007 ITA 2007

  • Income tax Income and Corporation Taxes Act 1988 ICTA 1988

  • Finance Act 2014

  • Income Tax (Earnings and Pensions) Act 2003 ITEPA 2003

  • Income Tax (Trading and Other Income) Act 2005 ITTOIA 2005

  • National Insurance Social Security Contributions and Benefits Act 1992 SSCBA 1992

  • Inheritance tax Inheritance Tax Act 1984 IHTA 1984

  • Corporation tax Income and Corporation Taxes Act 1988 ICTA 1988

  • Taxation of Chargeable Gains Act 1992 TCGA 1992

  • Tax Credits Act 2002

  • Child Tax Credit Regulations 2002

  • Welfare Reform and Work Act 2016

  • Social Security Act 1998

  • Corporation Tax Act 2009 CTA 2009

  • Corporation Tax Act 2010 CTA 2010

  • Overseas aspects of tax Taxation (International and Other Provisions) Act 2010 TIOPA 2010

  • Value added tax Value Added Tax Act 1994 VATA 1994 Administration of } Taxes Management Act 1970 TMA 1970 the tax system }



Cases ;

  • Thornhill [1980] 2 Cr App R (S) 320

  • Alibhai [1992] 13 Cr App R (S)

  • Aziz [1996] 1 Cr App R 265

  • Doncaster Borough Council v Stark and Stark [1998] RVR 80

  • Edwards v Bairstow [1956] AC 14

  • Frost (Inspector of Taxes) v Feltham 1981 1 WLR at 4

  • Bradford Metropolitan City Council v Anderton [1991] RA 45

  • Ward v Kingston upon Hull City Council [1993] RA 71

 

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