Some of you may willingly or unwillingly become self employed by your imaginative ways of making money to help you through your student years. There are a number of ways the Inland Revenue determine if you are self employed.
If you make any money from buying and selling goods or providing services, then you must consider this point seriously , even if you think the money you receive is minimal or received as a result of a hobby or interest.
There are potential penalties for not registering as self employed and as such there are a number of formalities you must comply with.
Self employed individual's tax affairs are more complex than an average student and you should research this area carefully or see an accountant.
Our free service is designed to assist the average student in need of help with their tax affairs, it is not designed as a free or subsidised service for a young entrepreneur. (You guys see below...) There are other agencies which claim to offer services from £75 plus disbursements plus VAT upwards, be aware, there are often hidden costs and if you decide to go down this route, please research the costs and services carefully.
do offer an alternative if your tax affairs are more complicated than the average student, i.e. if you have self employment income, rental income etc. We will happily assist you and will provide a cost effective tailored tax service. Just contact us » with your requirements and we’ll tell you what you need to do, simple.