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 employed
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
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?
What Expenses Can Sole Traders Claim?
One of the most effective ways to reduce your tax bill as a sole trader is to claim all the business expenses you're entitled to. Yet many self-employed people either miss expenses they could … [Read more...] about What Expenses Can Sole Traders Claim?
MTD for Income Tax — What Sole Traders Need to Do Now
Making Tax Digital for Income Tax (MTD for IT) is no longer on the horizon — it's here. If you're self-employed or a sole trader, this change affects how you report your income to HMRC. Here's what … [Read more...] about MTD for Income Tax — What Sole Traders Need to Do Now