AA2A - SELF-EMPLOYMENT PART 3
Updated: Apr 27, 2021
Registration, tax, NI and keeping records
The final lecture on self-employment was based on registration, tax, national insurance and keeping records whilst being self-employed. Wendy recapped on the legal requirements of being self-employed and then went on to explain how to register and when to do so, tax requirements and the threshold when you need to pay tax. She explained about national insurance tax and the rates that you need to pay, she also explains the different types of national insurance that you may need to pay depending on whether you’re self-employed or employed. The last thing she explained is how to keep records and why you should do so as well as when the cut off dates for your taxes are.
All of these things that Wendy went over was useful information, stuff that we wouldn’t have been taught and normally would have to learn ourselves as we went through the process of becoming self-employed. I found this lecture very useful and will use this information in the future. The advice that Wendy gave us about how to keep records and pay taxes/national insurance was very helpful, I will use these techniques and apply it within my own business when keeping records of my income and receipts.
Overall, I have found this three-part series of self-employment lectures extremely useful as a lot of the things discussed have applied to me and my business and some of the things that Wendy has explained has helped me get a better understanding of taxes and national insurance. The techniques and explanations she gave us over these three lectures I will apply to my business accounts.