Making Sense of Income Tax for Self-Employed Yoga Teachers
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.
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.
What our students say
Excellent! I'd urge all new yoga teachers to take this course if you're unsure about the finance side of your work. Joanna on Making Sense of Tax for Self-Employed Yoga Teachers, July 2017