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Self-employed ‘facing growing tax burden’

Self-employed individuals are facing an increasingly challenging tax regime, a new report has warned.

According to the Association of Chartered Certified Accountants (ACCA), the complexities of the self assessment regime, together with the recent changes to the Child Benefit system, mean that many self-employed people are facing the same tax challenges as small and medium-sized businesses.

Recent figures from the Office for National Statistics show that 4.2 million individuals are self-employed in the UK, with numbers have risen in recent years. Following the introduction of the new Higher Income Child Benefit charge, many more people are expected to register for self assessment.

Chas Roy-Chowdhury, ACCA’s head of taxation, said, ‘The once famous mantra that tax doesn’t have to be taxing holds no weight now for the growing number of self-employed in the UK’.

‘The rise in those who are self-employed is good news, but the reality is that those who have turned to freelance work in order to pull themselves out of unemployment and those who have decided to work for themselves face a challenging tax maze that could land them in hot water should they get it wrong’.

We can help with all of your tax and financial planning needs – please contact us for further assistance.