|If there is one subject that instills fear into the prospective self
employed - it's tax. Many students have said they have an
of doing something wrong - and having 'the
system' fall on them. It should not be frightening. The system is not complex. As long as you know how the
Income Tax system works, and what you have to do, it shouldn`t prove too difficult. The Income Tax system is
explained, as well as how you register as self employed.
We'll briefly (there isn't much to know) cover National Insurance.
VAT is also covered. Most of us are only aware of VAT when we buy something. As a VAT registered
business, this tax takes on a whole new meaning. It is absolutely essential that you know the rules, even if you
don't register for VAT. We'll discuss when and how you register. We'll also discuss why you might want to register
- even if you don't have to. Have a look at the
Research page on this web
site - and click on the tax web links.