Every article, newest first: plain-English guides to tax, admin and money for the UK’s self-employed. Filter by topic.
Penalties grow the longer you leave things, and coming forward yourself almost always costs less. Here's how to fix common problems.
2 min read
No sick pay, no employer cover. A few types of insurance protect you from the risks that could end a small business overnight.
1 min read
No employer is paying into a pension for you, but the government still is, through tax relief. Small, regular contributions add up over decades.
1 min read
Online marketplaces and apps share some sellers' details with HMRC. That doesn't create new tax, but it makes undeclared trading easier to spot.
1 min read
Fixing something back to how it was is a repair you can deduct now. Making it better is an improvement, which may help with Capital Gains Tax later instead.
1 min read
Rent minus allowable costs is your taxable property profit. Mortgage interest follows its own rule, and letting a room in your home may be tax-free.
1 min read
A limited company separates you from your business and can be tax-efficient at higher profits. It also brings more admin, more rules and public accounts.
1 min read
Making Tax Digital moves tax records into software and swaps one yearly return for regular updates. It's being phased in, starting with higher earners.
1 min read
Flat rate, cash accounting and annual accounting are three HMRC schemes that make VAT simpler for small businesses. Each solves a different problem.
1 min read
VAT registration depends on turnover, not profit. Watch a rolling 12-month total, and know that you can register voluntarily if it helps.
1 min read
Self-employed income comes in waves. A buffer and a fixed monthly 'salary' turn feast-and-famine into something you can budget around.
1 min read
Your rate has to cover tax, costs, holidays, admin and quiet weeks, not just the hours you bill. That's why freelance rates look higher than salaries.
1 min read
A clear invoice with agreed terms gets paid faster. And if a business client pays late, the law is on your side.
1 min read
Your job's payroll handles tax on your salary, but not on your side income. Here's how the two fit together on one tax return.
1 min read
Laptops, tools and machinery can reduce your tax. Depending on your accounting method, you either deduct them as expenses or claim capital allowances.
1 min read
Cash basis counts money when it actually moves. Traditional accounting counts it when it's earned. Most small businesses suit cash basis.
1 min read
For your car, your home office and living at your premises, HMRC offers flat rates. They're easier to work out, but not always worth more.
1 min read
Once your tax bill is big enough, HMRC asks you to pay next year's tax in two advance instalments. Here's why the second January can feel so expensive.
1 min read
No employer takes tax off for you, so you have to do it yourself. A fixed percentage, moved every time you're paid, takes the fear out of January.
1 min read
National Insurance is paid on profits above a threshold, and it builds your State Pension record. Low earners may want to pay voluntarily.
1 min read
Moving into a higher band doesn't make all your income taxed more. Only the slice above the line is.
1 min read
Sole traders don't legally need a business bank account. But keeping business money apart saves time, mistakes and stress.
1 min read
Good records make tax returns quick and protect you if HMRC asks questions. Keep them for at least five years after the filing deadline.
1 min read
One rule decides most expenses: was it wholly and exclusively for the business? If it was partly personal, claim only the business part.
1 min read
Money in minus allowable costs equals profit. Profit is the number your tax is worked out from.
1 min read
Five dates run the self-employed year. Learn them once and you'll never be surprised by a penalty.
1 min read
Registering is free and done online. You'll get a Unique Taxpayer Reference, which you'll use for years to come.
1 min read
The UK's tax year runs from 6 April to 5 April. Knowing which year your income falls in makes every deadline make sense.
1 min read
Selling your old sofa isn't a business. Buying sofas to sell on probably is. Here's how to tell the difference.
2 min read
Four labels, one idea: if you work for yourself and keep the profit, the tax rules for the self-employed apply to you.
2 min read