Analysis

Self Employed Tax

Self-employed individuals are required to inform the Income Tax Office that they are in business and prepare accounts for the year ended 30 June, coinciding with the Gibraltar tax year of assessment (tax years run from 1 July to 30 June). The accounts must be submitted to the Income Tax Office together with a tax computation, tax return and corresponding tax payable (if any) by 30 November next, following the year end.

Self-employed individuals must also make payments on account by 31 January and 30 June each year based on 50% of the tax payable the previous year. These payments will be taken into account when assessing the final amount payable (or receivable) due by 30 November referred to above.

Self Employed Contribution

20% of gross earnings subject to a maximum contribution of £1,568.84 p.a. for the year ending June 2014. Contributions are payable on a weekly basis subject to a minimum of £10 per week and a maximum of £30.17 per week.

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