Self-employed but going to be a student...

[barcelonessa]

Hello there

I've been freelance since May but am starting a full-time Masters course in September. I intend to be earning £400-500 a month throughout the course. Is there any kind of special student tax status, and if so would I be obliged to take it up? My earnings in the past few months could put me into the 40% tax bracket so if I can stay registered as self-employed that may be preferable, as it would mean for the whole year I would still be in the 20% tax bracket.

Also, at present I include a small portion of my household expenses in my company expenses as I am based from home. If I will be continuing to work from home while a student can I continue deducting this?

Thanks in advance,
B

[Incredulum]

There is no student status.

If you continue to earn then you must remain self-employed.

Whether or not you continue to earn during the current tax year is irrelevant; your earnings for the whole year are taxed across the entire year, not your monthly earnings.