The subject of tax doesn’t excite many people. Well, maybe accountants. But unfortunately taxes are a fact of life; and as a self-employed tutor on our platform, you’ll know this more than many!
Here are some good things you may not know about taxes….
- They don’t bite 🦈
- The system isn’t there to catch you out 👮
- The tax man is not going to take all your money 🤑
- In fact, your first £12,500 of earnings are tax free 💸*
- If you’re earning under £50,000, you only pay 20% after the first £12,500 💰*
- If you’re earning more than £50,000….fair play 👏 (but you’ll get taxed more)
- It doesn’t take days to fill out your tax returns (but it helps if you’ve been tracking your ingoings and outgoings) 📆
- As a self-employed person, you can claim back on expenses (Pens! Paper! Laptop!) ✏️
Having said that, we understand it can feel a little overwhelming if you’ve not dealt with taxes before. Here at MyTutor we’re not financial advisors, but we can point you towards resources that’ll help:
- Taxes when you’re a student and registering as self-employed
- Important dates and deadlines
- Self-assessment tax returns and paying your self-assessment tax bill
- All about income tax, how to check yours from last year and from the current tax year
*for the 2020/21 tax year
As always, if you have any questions or feedback, we’d love to hear from you. You can reach us on support@mytutor.co.uk or 0203 773 6024.