Sole Trader

Tax Issues for Sole Traders

Self assessment returns Self Assessment is a clearer way of working out and paying tax. It applies to everyone who gets a tax return. The vast majority of people do not get a tax return and pay all their tax under PAYE. The Self Assessment tax return is made up of a basic core return together with separate supplementary pages - which ones you get will depend on your circumstances and the type of income you receive.

Follow this link for more information on PAYE....

Capital Gains Tax (CGT) is a tax on capital gains. A gain is an increase in value. You normally only have to pay CGT when you no longer own an asset, that is when you have disposed of it.

VAT is a continually evolving tax which has become so complicated that it can be a burden for any registered organisation.  It is one of the biggest generators of revenue for Central Government and costs the least to collect.

National Insurance Most people who work have to pay National Insurance Contributions (NICs). There are six classes of contributions and it is important you know where you fit in and what class of contribution you have to pay.