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
Scotland
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?
National Insurance for the Self-Employed: Class 2 and Class 4 Explained
When you work for an employer, National Insurance is handled automatically through payroll. When you’re self-employed, it works quite differently — and understanding the two classes of NI … [Read more...] about National Insurance for the Self-Employed: Class 2 and Class 4 Explained
How to Pay Yourself as a Sole Trader
One of the most common questions from people who are new to self-employment is simple but important: how do you actually pay yourself? There’s no payroll, no HR department issuing a payslip — so … [Read more...] about How to Pay Yourself as a Sole Trader
Self Assessment Penalties — How to Avoid Them
Missing a Self Assessment deadline isn't just stressful — it's expensive. HMRC's penalty system means that even a single day late can trigger an automatic fine, and the charges mount up quickly the … [Read more...] about Self Assessment Penalties — How to Avoid Them
What’s the Difference Between Bookkeeping and Accountancy?
If you run your own business, you've probably heard both terms used — sometimes interchangeably. But bookkeeping and accountancy are different things, and understanding the distinction can help you … [Read more...] about What’s the Difference Between Bookkeeping and Accountancy?
Do I Need to Register for VAT?
VAT registration is one of those topics that confuses a lot of sole traders and small business owners. When do you have to register? Is it ever worth registering voluntarily? And what happens if you … [Read more...] about Do I Need to Register for VAT?