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Help! I'm a self employed student
Flora000
Posts: 4 Newbie
I'm a full time student and I work for a company that pays me monthly for the hours I put in, plus pays commission for targets reached and customers converted etc. This company does not deduct income tax from my wage as I am officially self-employed and am thus expected to do this myself at the end of the financial year.
However, how will my self-employed status affect the usual £5,225 tax-free earnings that I should be allowed because I am a student?
Very confused and would greatly appreciate any pearls of wisdom!
However, how will my self-employed status affect the usual £5,225 tax-free earnings that I should be allowed because I am a student?
Very confused and would greatly appreciate any pearls of wisdom!
0
Comments
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The fact that you are a student is irrelevant. You are taxed as a normal self employed person.Gone ... or have I?0
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The fact that you are a student is irrelevant. You are taxed as a normal self employed person.
Ok, thanks. I thought that as a student I had a higher tax-free allowance than non-students and thought that my self-employment status would conflict with this, but having done a bit more research I now realise that everyone has a tax free allowance of £5,255 so problem solved!
Thanks!0 -
Students have exactly the same tax free allowance as anyone else, but you might be able to offset the cost of your course tuition fees and equipment (computer etc....) against your earnings, so only pay tax on any profit after cost deductions have been made. Is the subject you're studying relevant to your job?!?! I guess it will depend on what the IR see as a deductable expense!
I'm not too sure about this. Maybe talk to someone who owns their own business, or look for some info online about what you can claim as deductable!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Tuition fees and expenses can only be offset if they are wholly and exclusively for the purposes of the business. This is very difficult to prove.Gone ... or have I?0
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Unfortunatley I don't think studying English Literature and History of Art could be seen to relate in any way to the wedding list industry, so good idea in theory, but in practice I'd have to employ a pretty dodgy accountant to make that one stick!
Nice try though, thanks.0
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