As a home cook working on a self-employed basis, you have a responsibility to manage your profit and loss. You are required to make contributions towards tax and insurance like all PAYE employed people in the UK.
Working from home as a self-employed person doesn't need to be complicated. You need to keep track of your expenses and stay on top of your sales. Understand what you are entitled to claim as an expense to make yourself as tax efficient as possible.
You can claim a portion of your rent or mortgage as an expense, and home cooks can claim for ingredients, as well as packaging for deliveries and any fees they pay towards marketing.
At Hungrily, we provide a webinar series on managing your accounts and send you weekly reports. We are able to send you an annual overview of all your sales, so as long as you are keeping up to date expense records, your tax return should be pretty easy to complete.
If you would like more information, visit the Hungrily home cooks help centre