Question 1

Do I need to file a Self Assessment tax return?

Accepted Answer

You must file if you are self-employed with income over £1,000, earned over £100,000, or have untaxed income such as rental income, dividends, or foreign income.

Question 2

What is an ISA and how does it work?

Accepted Answer

An ISA is a tax-free wrapper for savings or investments. You can save up to £20,000 per tax year and pay no UK tax on any interest, dividends, or capital gains earned inside it.

Question 3

How much can I earn before paying tax?

Accepted Answer

Most people have a Personal Allowance of £12,570 for 2025/26. Income above this is taxed at 20% (basic rate), 40% (higher rate above £50,270), or 45% (additional rate above £125,140).

Question 4

What is the difference between a SIPP and a workplace pension?

Accepted Answer

A SIPP is a personal pension you manage yourself with wider investment choice. A workplace pension is employer-provided and includes employer contributions. Always get the full employer match before using a SIPP.

Self-Employed Tax Calculator