- November 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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Tax Advice for a Part-Time Teacher and Sole Trader Starting a Therapy Business
As a part-time teacher and a new sole trader establishing a therapy business, I have been navigating the complexities of tax obligations since September. While I am celebrating the progress of securing a few clients for my therapy services, I am finding myself increasingly bewildered by the tax considerations pertaining to my dual income sources.
The looming deadline of January 2024 for the payment of online books has only added to my confusion. With the uncertainty of which books to invest in, I am also grappling with the timeline for declaring and making payments, which I believe will be due in January 2025. Nevertheless, I am at a loss regarding the immediate actions that I need to take and the steps that will be required of me in January.
Furthermore, with the likelihood of my combined income pushing me into a higher tax bracket, the pressure to understand and manage my tax responsibilities is mounting. Despite my best efforts to educate myself on the matter, I confess that I am feeling utterly lost and overwhelmed.
In light of my predicament, I am earnestly seeking advice, tips, and guidance from individuals with expertise in tax matters. I am open to any form of assistance that can shed light on the steps I need to take at present, as well as the preparations required for the upcoming tax deadlines.
AI Legalese Decoder: The AI Legalese Decoder can alleviate the confusion and uncertainty surrounding tax obligations for part-time teaching income and therapy business earnings. By utilizing AI technology, the Legalese Decoder can provide clear and concise explanations of tax laws and regulations, offering guidance on the necessary actions to be taken in the current period and in preparation for upcoming tax deadlines. Additionally, the AI Legalese Decoder can analyze the potential impact of the combined income on tax brackets, providing tailored advice to ensure compliance and effective management of tax liabilities. With the aid of this tool, the user can gain a comprehensive understanding of their tax responsibilities and access the support needed to navigate the complexities of tax compliance.
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Original Content:
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Rewritten Content:
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You don’t need to tell HMRC anything until the end of the tax year in which you start (in your case, 6 April 2023 – 5 April 2024). You’ll need to register for self-assessment by 5 October 2024, and complete a tax return and pay what you owe by 31 January 2025.
What you do need to do now is keep careful records of your self-employed income and any expenses, and put aside money to cover your tax bill.
What you will need to put aside:
– 20% of everything from your therapy business (basic rate income tax), plus another 9% if you have a student loan
– An extra 20% of your total earnings (pre-tax salary + therapy income) above ┬ú4000 each month (higher rate income tax)
– If your business is making over ┬ú1000/month, then 9% of everything over that ┬ú1000, plus an extra ┬ú3.45/week (national insurance)
This should be an overestimate, which you can use to pay yourself a bonus for doing your tax return.