Income Tax Help

Freelance Tax Tips

To be a freelancer is to have a given talent for something so specific that you’re able to specialise in it and offer your services accordingly. Aside from those lucky people in the financial sector, the majority of freelancers are forced into a slightly scary tax corner, and the only way out is to hire an accountant or do it yourself.

Ten minutes on the HMRC website can have the laymen tugging their hair out in frustration, but being tax efficient needn’t be as difficult as you might think. Our online income tax calculator is as simply presented as possible, meaning you can look into a tax rebate or assess future contributions as easily as checking your online back balance.

•    Make sure you’ve been issued the correct tax code by HMRC. The tax year 2009-2010 has been fraught with incorrectly issued tax codes. An incorrect tax code could mean you paying at a higher tax rate. If you think this could be the case, pop your details into our online income tax calculator and check.

•    Try to keep up to date on tax news. The next tax year is likely to see government reforms of higher taxes, abolished taxes and newly created taxes to combat national public sector debt.

•    Don’t be afraid to try and claim tax back or look into tax breaks – it makes financial sense to save money in ISAs, etc.

•    Keep on top of paperwork. We know it’s an incredibly boring and slightly condescending thing to hear, but setting aside a couple of hours a week to organise invoices, National Insurance contributions and expenses will save a lot of bother come the end of the tax year.