|
|
|
|
|
The money tutors make from tutoring is income and as such, tutors must pay tax on these earnings. Most tutors decide to be sole traders which is the simplest form of self-employment. You must register as self-employed within three months of setting up as a tutor and once you have done so, you will be required to fill in a Self-Assessment Tax Return on an annual basis.
In terms of day-to-day financial management, tutors must keep records of tutoring session and the cash or cheques they receive. They must also keep receipts for expenses they incur in order to carry out their tuition. The easiest way to record this information is on a spreadsheet but no specialist software is required. Professional Members of Tutors' Alliance receive a sample spreadsheet with their Documents Pack.
If you are a tutor who works with an agency you must check with the agency whether you are classed as a contractor (self-employed) or whether you are an employee and on the agency's PAYE scheme.
HMRC offer a wealth of information and advice about setting up as self-employed. Please look at the HMRC website for further details - HMRC - setting up as self-employed. |
| |
Tutors' Alliance Ltd.
|
|
|
Copyright © Tutors' Alliance Ltd. Tutors' Alliance is a trading name of Tutors' Alliance Ltd. Tutors' Alliance Ltd is registered as a limited company in Scotland (number 363245). Managing Director - Valerie Kemp LLB (Hons.)
Registered address - 27 Claremont Street, Aberdeen, AB10 6QQ.
01224 433163 info@tutorsalliance.co.uk
|
|
|
