As a self employed person, what will be the tax implications?

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Self employed people have to pay their own taxes. It will usually mean income tax on the profits your business makes, and National Insurance contributions (or other social security taxes) if you are in the UK, or elsewhere. You will also have to file tax returns quarterly and tell how much income and how much expenses topped. Self-employed people can even claim for tax of related business costs like office supplies or travel and thereby lower their taxable income. Keeping track of all business expenses and income must be done accurately.

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