How to work out tax and NI

Self-employed people pay tax on their business profits (not their earnings). After filing a self-assessment tax return, which must be completed every year, tax is payable on profits generated during the preceding 12-month accounting period.

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Tax and National Insurance

You must register your business with HMRC. 

This will ensure that you will be sent an annual tax return. 

You also need to make arrangements to pay National Insurance contributions (or to formally opt out).

Find out what you need to do for tax and National Insurance purposes when you start up a business as a self-employed person, a partnership or a limited company.

Follow the links below to guidance on what you need to do for tax and National Insurance purposes when you start a business including return filing and paying deadlines and what records you must keep:

Self-employed tax and National Insurance

Tax returns for partners and partnerships

Starting up a limited company

Getting started with VAT

PAYE for employers

Construction Industry Scheme

Record keeping

Importing and exporting goods and services

Discover what additional help and support HM Revenue & Customs (HMRC) offer new businesses - HMRC's help and support for businesses.

Starting and running a business is challenging so HMRC provide a wide range of help and support to help you run your business including videos, emails, e-learning and online presentations.

You can find more information at www.hmrc.gov.uk

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