{"id":13385,"date":"2023-05-23T15:02:15","date_gmt":"2023-05-23T15:02:15","guid":{"rendered":"https:\/\/www.mytutor.co.uk\/blog\/?p=13385"},"modified":"2023-05-23T15:02:37","modified_gmt":"2023-05-23T15:02:37","slug":"key-takeaways-from-our-tutors-and-tax-webinar","status":"publish","type":"post","link":"https:\/\/www.mytutor.co.uk\/blog\/tutors\/key-takeaways-from-our-tutors-and-tax-webinar\/","title":{"rendered":"Key Takeaways from our Tutors and Tax webinar"},"content":{"rendered":"\n

On Thursday May 11th, we hosted our Tutors \ud83e\udd1d Tax webinar with Enzo, the co-founder of Earnr<\/a> (a finance and tax app). <\/p>\n\n\n\n

We know that for some of you, tutoring with us might be the first job you’ve had where you\u2019ve registered as \u2018self-employed\u2019. So we wanted to help support you with any queries you have about what this involves – particularly like submitting a tax return.<\/p>\n\n\n\n

Enzo has worked in accounting and financial services for the past 10 years and has a huge amount of knowledge about finance and tax. He co-founded Earnr<\/a> (a HMRC recognised supplier) which supports those with side incomes and small businesses on the daily.<\/p>\n\n\n\n

If you missed out on the session and want to find out more – you can watch the recording here<\/a>.<\/p>\n\n\n\n

Here are some key questions from our tutors and the answers:<\/p>\n\n\n\n

How do I pay tax as a Tutor?<\/strong><\/p>\n\n\n\n

    \n
  1. You need to register for a UTR <\/strong>(Unique Tax Reference number)<\/li>\n\n\n\n
  2. Submit a self-assement tax return to HMRC<\/li>\n\n\n\n
  3. Pay your outstanding tax bill to HMRC<\/li>\n<\/ol>\n\n\n\n

    When does the tax year run from?<\/strong><\/p>\n\n\n\n

    The tax year starts on April 6th and ends on April 5th. So the 22\/23 tax year runs from April 6th 2022 to April 5th 2023.<\/em><\/p>\n\n\n\n

    What types of taxes do I need to look at?<\/strong><\/p>\n\n\n\n

    As a self-employed tutor, the 2 types you need to be mindful of are <\/em>Income Tax <\/em><\/strong>and <\/em>National Insurance. VAT<\/em><\/strong> (value added tax) is the 3rd type of tax, however you don\u2019t need to worry about this as it\u2019s covered by MyTutor.<\/em><\/p>\n\n\n\n

    When should I file my tax return for the current tax year (2022 – 2023)?<\/strong><\/p>\n\n\n\n

    You need to pay your outstanding balance by January 31st<\/em><\/p>\n\n\n\n

    How much can I earn before paying tax?<\/strong><\/p>\n\n\n\n

    You can earn up to \u00a312,570 each year before paying Income tax. This is known as your personal allowance.<\/em><\/p>\n\n\n\n

    What expenses can I declare as a tutor?<\/strong><\/p>\n\n\n\n

    You can expense any cost that\u2019s incurred wholly and exclusively for the purposes of running your tutoring business. This includes:<\/em><\/p>\n\n\n\n