HMRC has opened a consultation that could change how VAT-registered businesses and employers pay their tax bills. The proposal: make Direct Debit the mandatory payment method for VAT and PAYE return … [Read more...] about HMRC Wants VAT and PAYE Paid by Direct Debit — Consultation Now Closed
MTD’s First Quarterly Deadline Has Passed — What Happens Now?
If you're one of the sole traders or landlords in the first wave of Making Tax Digital for Income Tax, the first quarterly update deadline has now been and gone. It covered 6 April to 5 July 2026, and … [Read more...] about MTD’s First Quarterly Deadline Has Passed — What Happens Now?
What Happens If HMRC Investigates My Business?
Receiving a letter from HMRC telling you your tax affairs are under review is unsettling — but it doesn’t necessarily mean you’ve done anything wrong. HMRC investigates both randomly and … [Read more...] about What Happens If HMRC Investigates My Business?
What Is the Trading Allowance — and Can I Use It?
If you earn a modest amount from self-employment on top of other income — perhaps from a side hustle, casual work, or selling things online — you may be able to take advantage of the trading allowance … [Read more...] about What Is the Trading Allowance — and Can I Use It?
Do I Need a Bookkeeper or Accountant as a Sole Trader?
When you first go self-employed, it’s tempting to handle everything yourself — including your finances. And for a while, that’s often perfectly fine. But as your business grows, or as the complexity … [Read more...] about Do I Need a Bookkeeper or Accountant as a Sole Trader?
How to Budget for Your Tax Bill as a Sole Trader
One of the biggest financial challenges for self-employed people is the tax bill. Unlike employees, sole traders don’t have tax deducted at source — it all comes due in one (or sometimes two) … [Read more...] about How to Budget for Your Tax Bill as a Sole Trader
Working From Home as a Self-Employed Person: What Can You Claim?
Many sole traders and self-employed people work from home, at least some of the time. The good news is that HMRC allows you to claim a portion of your home running costs as a business expense — … [Read more...] about Working From Home as a Self-Employed Person: What Can You Claim?
The VAT Flat Rate Scheme: Could It Save Your Business Money?
Once you’re VAT registered, you’ll need to decide how to account for VAT. For many small businesses, the VAT Flat Rate Scheme (FRS) can significantly reduce the time spent on VAT … [Read more...] about The VAT Flat Rate Scheme: Could It Save Your Business Money?