So, you're considering starting a side gig to try and earn a little extra money on the side but you're not sure how much tax you'll pay. Read on
Being self-employed is tough! It typically involves working longer hours, shouldering a colossal amount of responsibility and constant plate spinning – and those are just a few of the typical difficulties entrepreneurs face. To top it all off, the self-employed often struggle when applying for mortgages – according to conventional wisdom, at least.
If you’re running a business, you’re going to need to be reviewing and considering your expenditure regularly (well, unless you have a dedicated online accountant like Countable Accountancy doing it for you, anyway). Businesses accrue costs and, if you don’t actively monitor them and look to cut them wherever possible, you’ll soon find that money you could be investing in training, increasing productivity or your earnings is being wasted.
Whilst many people assume that the terms tax evasions and tax avoidance describe the same practice, they’re actually distinctively different practices – one of which is utilised by the vast majority of businesses throughout the UK.