Tax Guide for Contractors & Freelancers

Contractors and freelancers face unique tax challenges. Understanding these can help in effective financial planning.

Self-Assessment Tax Returns

Freelancers must file self-assessment tax returns, which require detailed reporting of income and expenses. Keeping accurate records is essential for this process.

Deductions for Business Expenses

Contractors can deduct various business expenses, including equipment, travel, and home office costs. Knowing what can be deducted can significantly reduce tax liability.

Proper tax planning is crucial for freelancers.