Network Marketers - FAQs
Yes. Self Assessment, also known as a tax return, is a system HM Revenue and Customs uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Your Sidekick can help you to ensure you are tax efficient making your business more profitable.
You don’t have to charge VAT on any of your goods or services until you have reached the VAT threshold amount of £85,000 or if you expect it to reach £85,000 in the next 30 days then you must register for VAT. Your Sidekick can register your business free of charge!
Depending on how much you earn, you will be required to pay income tax. If you have received income via a means other than the PAYE system, you will be required to complete a tax return because you won’t have paid any tax on your income yet. But don’t worry, Your Sidekick can calculate how much tax you owe – if any!
The deadline for your tax return will depend on whether you send a paper return or an online return. The dates that you need to remember for the financial year 2017/2018 are as follows:
October 31st 2018 deadline for paper returns
January 31st 2019 deadline for online returns
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