Overview of self-employment
In this overview lesson, you'll learn the fundamentals of self-employment taxation and how unincorporated businesses are taxed. You'll explore the badges of trade—how to identify whether someone is actually trading—and discover how trade profit is calculated and assessed for income tax purposes.
This lesson is part of a paid course
Buy the course to unlock every video lesson and the AI Tutor, plus mock exams with feedback on CIMA courses.
Already bought? Sign in
Ask the AI tutor anything about this lesson
It knows every lesson in the course — explanations, clarifications, practice questions.
In this lesson
- 0:00 Self-employment overview and key concepts
- 0:08 Badges of trade: identifying trading activity
- 0:13 Calculating trade profit for tax purposes
- 0:16 Cash basis alternative method
- 1:05 Tax year assessment and time apportionment
- 1:39 Self-assessment deadlines and amendments
About this lesson
The lesson also introduces the cash basis option and explains the tax year assessment period (6 April to 5 April), including how traders with non-standard year ends must time apportion their profits. This foundation is essential for TX (Taxation) and underpins your understanding of self-employment income across the ACCA qualification.
Duration: 2m
Transcript
Every lesson comes with a full searchable transcript - included with the course.
Get the Advanced Taxation course
All 365 video lessons, an AI Tutor in every lesson and lifetime access.
Already bought? Sign in