Using A Self-Employed Tax Calculator The Right Way
Self assessment – also referred to by other names depending on the country you live in – is a system designed by the revenue and customs system in your country. The respective system has one simple purpose – collecting tax for the government.
If you work for someone else or you are retired, the tax will naturally be deducted by the government before you actually get the money – the type of money you only see on your payslip and never in real life. However, self-employed professionals and businesses must report the income themselves in a tax return.
These returns must be done on a yearly basis. There are, however, a few exceptions in specific countries where you could do them twice a year – or a different frequency. In most places...