If you're a sole trader in East Lothian or Edinburgh and you're claiming, or thinking about claiming, Universal Credit, there's one thing worth knowing early: it doesn't treat self-employed income the … [Read more...] about Important: How Universal Credit for the Self-Employed Actually Works
East Lothian
Important: HMRC Is Now Automatically Signing People Up for MTD for Income Tax
If you're a sole trader or landlord in East Lothian or Edinburgh, HMRC's approach to Making Tax Digital has changed. This applies to MTD for Income Tax, the digital tax-reporting system for sole … [Read more...] about Important: HMRC Is Now Automatically Signing People Up for MTD for Income Tax
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?