High tax bill for UK self employed, so why bother?
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The trouble with being self employed
What do I do? Should I just jack the whole self employed thing in and claim benefits whilst looking for a nine to five? I'm sure I'd be much better off, there again there's not much work around at the moment.
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There's no incentive to run a small business or be self employed is there? I've been landed with a tax bill that I will struggle to pay this year. I'd almost be better off on the dole claiming benefits than trying to make an honest living...
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| 28-10-2009 | Good site.
As a self employed person fro the last 12 years it does feel like you are working for the inland revenue as yet another VAT bill becomes due. If it's not VAT that's due, it's income tax, or PAYE & NIC for your staff. In these difficult financial times, I look around ...more | dpm72 |
| 17-8-2009 | M, Nice to hear you're still hanging in there. Have you claimed "Use Of Home As Office" as an expense? | Phil |
| 25-4-2009 | It sounds as if you have set up your business and done quite well at it. But you are right. The tax threshold should be raised to, say, £10,000. To pay tax under this level is ridiculous. But keep at it because once you are self-employed you definitely won't want a boss ever again. It's...more | Lorna |
| 10-4-2009 | I have been self employed, for the last 14 yrs and wouldn't have it any other way!
Like the man said though, is your business profitable enough to carry on with?
The worst thing you can do, is pay your bills with a credit card!
You may as well go bankrupt now and save yourself the grief, if y...more | NSI. |
| 11-2-2009 | To the original poster - I think you answered your own question. | An observer |
| 31-1-2009 | Here's a bit of an update. Phoned the Inland Revenue and spoke to a nice chap who has set up 6 months worth of Direct Debits to help me spread the Tax payment out a bit. He was very sympathetic when I explained the situation. Only thing I need to do now is find the cash for the payments each ...more | M |
| 26-1-2009 | There is no such thing as being self employed. we just work for the government much harder and longer! | Anon |
| 15-1-2009 | BBBB, I think we live in different worlds. I used to live in yours too and trundle into an office every day to make a living. Being self employed has its good points and bad points. The £350 in the big world probably isn't a lot, but down here it seems like a fortune.
MrCoffee: Yes, I&...more | M |
| 15-1-2009 | I have income below the personal tax allowance but I have been taxed| How - via "council" tax. I can claim none taxed gross interest - yet I am still taxed - via this tax. In other words my income including interest is supposed to be none taxable (because it is so little) Yet the revenue ...more | Wildsage |
| 11-1-2009 | You make a small profit, then okay. I would actually just stick at it, as you said we are heading in to a recession and finding work is harder than ever!. Keep putting the work in, you'll survive and it'll all be worth it one day. | MrCoffee |
| 08-1-2009 | A £350 tax bill for the year!!
I get taxed double that PAYE a month. | bbbb |
| 07-1-2009 | Hi Phil,
Thank you for your kind comments. My income is very low, but it's mostly profit because I have very little expenses. I work from home and I claim my internet connection and any computer related stuff that I buy. Unfortunately not much in the last year or so of that, a desk and a c...more | M |
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