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?
What to Do If You’ve Missed the Self Assessment Deadline
The 31 January deadline for Self Assessment is one of the most important dates in the tax calendar — but life happens, and sometimes it gets missed. If you’ve not filed or paid on time, the most … [Read more...] about What to Do If You’ve Missed the Self Assessment Deadline
Sole Trader vs Limited Company: Which Is Right for You?
At some point, many self-employed people find themselves asking the same question: should I stay as a sole trader, or would I be better off forming a limited company? There’s no single right answer — … [Read more...] about Sole Trader vs Limited Company: Which Is Right for You?
How to Register as Self-Employed with HMRC
If you’ve started working for yourself — whether as a freelancer, a tradesperson, or running any kind of small business — you need to let HMRC know. Registering as self-employed is … [Read more...] about How to Register as Self-Employed with HMRC
What Records Do I Need to Keep as a Sole Trader?
Keeping proper business records might not be the most exciting part of being self-employed, but it’s one of the most important. HMRC can request evidence of your income and expenses at any time, … [Read more...] about What Records Do I Need to Keep as a Sole Trader?