It will depend on how much money you’ve made, the tax-free personal allowance and the tax bands are the same for self-employed and employed people The way you currently report the income is by completing a tax return form under the self assessment system.
You should always check the official government page: https://www.gov.uk/tax-help
What do I have to pay?
|
PAYE tax rates and thresholds |
2021 to 2022 |
|
Self employed personal allowance |
0% up to £12,570 per year |
|
UK basic tax rate |
20% up to £50,270 per year |
|
UK higher tax rate |
40% on annual earnings from £50,271 to £150,000 |
|
UK additional tax rate |
45% on annual earnings above £150,000 |
When do I have to send my tax return to HMRC?
This depends on the date of issue of the notice that HMRC send you to tell you to complete a tax return and whether you complete your tax return on paper or online. The table below summarises the position.
|
Date tax return or notice to file issued |
Deadline for lodging paper return |
Deadline for lodging return when HMRC will calculate tax |
Deadline for lodging return online |
|
On or before 31 July |
31 October |
31 October |
31 January |
|
1 – 31 August |
3 months from date of notice |
31 October |
31 January |
|
1 September to 31 October |
3 months from date of notice |
2 months from date of notice |
31 January |
|
After 31 October |
3 months from date of notice |
2 months from date of notice |
3 months from date of notice |