This workshop provides an insight into what it means to be self-employed with regards to tax, VAT, self-assessments and other requirements set by HMRC. During the afternoon session, you will receive practical guidance on how to register as self-employed or as a limited company and to fill out a tax return. In addition, the workshop will address issues around expenses, preparing for the possibility of a tax investigation, and will provide tips on how to avoid fines and penalties.
The afternoon will cover:
- What is self-employment
- Is it better to trade through a limited company
- What is VAT and who needs to be registered
- The stage at which HMRC needs to be notified
- Whether it is better to engage a tax agent or not
- The four classes of National Insurance
- When tax and NI need to be paid
- What is a tax return
- The reason why tax and NI is often paid in advance
- The types of expenses that can be offset against income
- Expenses particular to yoga teachers such as ongoing training, travel in the UK and abroad, workshops run by teachers, the use of home for work, and yoga clothing
- Expenses incurred prior to becoming self-employed
- Expenses paid in cash
- Income received in cash
In addition, we will look at how best to keep good accounting records using a sample scenario on Excel.
This workshop is open to all existing yoga teachers, trainee teachers looking to register as self-employed, yoga therapists and other complementary health practitioners with an interest in self-employment.