Becoming self employed

Trebor01

I am about to start my first contracting role, and am not sure where I stand re tax, and what I can claim against my earnings that can be claimed against tax, i.e. a car etc. Please note I also have an income from a rented property which I presume must be taken into account.

Any help would be very much appreciated.

chrismac1

"My first contracting role" - if this is a contract where your sole or main customer is likely to be the same one in 6 months' time you need to read up about IR35. If it is a trade which falls within the wide definition of the construction industry scheme - 20% deduction - it's worth finding out about that.

I'm sending you a few links on self-employment more generally.