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?
HMRC
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?
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
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?
What Is a Payment on Account — and Why Is HMRC Asking for Double?
If you’ve just filed your first Self Assessment return and the bill from HMRC is almost twice what you were expecting, you’ve just discovered payments on account. It’s one of the … [Read more...] about What Is a Payment on Account — and Why Is HMRC Asking for Double?