As a self-employed individual in the UK, are you responsible for paying your own taxes?

Okay, so when you're employed by a company in the UK, your employer automatically deducts income tax and National Insurance contributions from your wages through a system called PAYE, or Pay As You Earn. They handle all the paperwork and payments to HMRC, which is the government's tax authority. However, if you're self-employed, things work differently. You're essentially running your own business, and that means you're responsible for managing your own tax affairs. This includes calculating your income, deducting allowable business expenses, and then paying income tax and National Insurance directly to HMRC. You typically do this through a self-assessment tax return, which you need to file annually. Think of it this way: you're both the employer and the employee, so you have to take on both roles when it comes to taxes. It might seem daunting at first, but there's plenty of guidance available from HMRC to help you navigate the process.