Self-employed face tax bills higher than their income
Posted on 09 Jul 2015
Freelancers whose income has been slashed this year due to the pandemic could soon face tax bills higher than their earnings, the Mail reports. Because self-employed workers pay a biannual tax in advance based on their previous income, someone on £50,000 before the pandemic would owe around £16,682 in tax, even if their income was £15,000 this year, according to analysis by Royal London.
