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?
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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?
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