Self Employed
Being a sole trader or a partnership is one of the simplest ways to get started in business, however there are several processes that you need to follow.
You will need to consider the tax implications and, depending on your annual income, you may also be required to become VAT-registered.
This hub includes a range of useful guides and articles about the support available to you, from becoming VAT-registered and filing your tax returns to knowing when your business would benefit by becoming a limited company.
We've got you covered
What are the most cost-effective ways to purchase equipment for your b...
Looking to purchase equipment for your business? You have several options. This guide outlines what you need to consider.
Find out moreNew Companies House ID check to crack down on fraud
Companies House has released timescales for the introduction of “a new identity verification process to help deter those wishing to use companies for illegal purposes.”
Find out moreThe Construction Industry Scheme (CIS) – what you need to know
The Construction Industry Scheme (CIS) is a framework in the UK that governs how contractors pay subcontractors for construction work.
Find out moreTax obligations for online sellers
New rules requiring online platforms used by sellers to report information about their users to HM Revenue and Customs highlight the need for online sellers to understand their tax obligations. This g...
Find out moreHow much does a self-assessment tax return cost?
A self-assessment tax return can be simple or very complex, depending on the types of income you are receiving and your personal circumstances.
Find out moreE-invoicing consultation to be launched
The Government has announced the launch of a consultation on the wider use of electronic invoicing ‘e-invoicing’ in UK businesses.
Find out moreLarge businesses told to include payment reporting in their annual rep...
With the late payment of invoices having such a significant impact on small businesses, the Government is introducing a Fair Payment Code later this year to crackdown on late payments.
Find out moreTop challenges for business owners and tips to help overcome them
Business owners can face various challenges while trying to grow their business. Chasing late payments, managing deadlines and ensuring a healthy work/life balance are only some of the many plates bus...
Find out moreTax tips for self-employed professionals in the creative industries
A guide to how self-employed creative industry professionals can manage their taxes and finances.
Find out moreHow an accountant can help your start-up
As a start-up, it is important to manage your finances from the start. This is key for a successful business and for funding your future. Discover how accounting for start-ups works and how an account...
Find out moreYour guide to sole trader travel and subsistence expenses
For sole traders it’s important to make sure you’re claiming all allowable expenses in your accounts and on your tax return. One type of expense you may be able to claim against taxable income is trav...
Find out moreHow to write a business plan
A well-crafted business plan provides a roadmap to entrepreneurial success. Read our guide to writing a plan that meets your strategic and operational goals.
Find out moreDo you need to complete a self-assessment tax return?
Several situations could require the completion of a self-assessment tax return, as they are not just for self-employed individuals. Employees, property owners and individuals who receive untaxed inco...
Find out moreSoft skills for hard results: A business owner’s guide
Soft skills, such as effective communication, decision making and people management, are an important factor in business success. Read this guide for advice on how founders can develop them.
Find out moreThe benefits of having your tax return filed early
Nearly 300,000 self-assessment tax returns were filed in the first week of the new tax year to take advantage of the many benefits of doing so sooner rather than later.
Find out moreA sole trader’s guide to filing your first self-assessment tax return
It can be daunting having to file a self-assessment tax return for the first time. Read our guide to when you need to do it, the advantages of using an accountant and why submitting your tax return ea...
Find out moreHow bookkeeping works for a sole trader
Unsure what accounting records you need to keep for your business? Learn more about your business bookkeeping responsibilities as a self-employed person, and what information your accountant needs fro...
Find out moreHow to set up your own limited company
A limited company is a type of business entity. It is designed to be legally separate from its owners, who are known as shareholders in a limited company.
Find out moreThe top metrics every business should track in 2024
Running a successful business demands sharp focus and data driven decisions. While intuition plays a role, tracking key metrics empowers you to make informed choices and unlock your business' true pot...
Find out moreA guide to running a business from home
Operating a business in the same place as where you live is a great way to start and grow an entrepreneurial venture. This guide outlines the key factors to consider when running a home-based business
Find out moreHow to start a side hustle and boost your income
Running a side hustle alongside your full-time job is a great way to increase your income. This guide shows you how to get started.
Find out moreSole trader or limited company – which structure is best for my busine...
Choosing a legal structure is one of the most important decisions for a new business owner, and understanding the options can be challenging.
Find out more10 things you need to know if you are self-employed
As a self-employed individual you’re paramount to your business. Whether you’re new to self-employment, or you’d like a refresher, check out our top 10 key points in this article..
Find out moreHMRC targets the self-employed for side hustle tax
Self-employed individuals with side hustles are the focus of a new HM Revenue and Customs (HMRC) initiative to improve tax collection and regulation management with digital platform reporting rules.
Find out moreTop expenses for your self-assessment tax return
As a business owner, or self-employed individual, the last thing you want is to pay more tax than you need to. Knowing what allowable business expenses you can include on your self-assessment tax retu...
Find out moreThe Cash Basis: What did the Autumn Statement change?
The Government has considered feedback in relation to its consultation on the expansion and simplification of the cash basis for accounting.
Find out moreHow much National Insurance do I pay?
Individuals in the UK will make National Insurance Contributions (NICs) based employed income or self-employed profits. These NICs contribute to a state pot, which funds state benefits.
Find out moreKey tax dates you need to know if you are self-employed
Staying on top of key dates will ensure you stay on track, meet deadlines and avoid paying penalties and interest. We list the key dates sole traders need to be aware of in this concise guide.
Find out moreSmall and micro companies face accounts reporting changes
The Government is planning to introduce new filing requirements for small and micro businesses to “make the filing requirements easier to understand, reduce fraud and error, and improve transparency”.
Find out moreFive questions you should ask your accountant
As a business owner you want your business to be a success and so should your accountant. The relationship with your accountant is important. They are offering a service and you should be satisfied th...
Find out moreTax saving tips for you and your business
Delving through the array of allowances and reliefs available to help minimise your tax liability can be a daunting process. It can be tricky for small business owners to establish what's available an...
Find out moreWhy and how sole traders can become VAT registered
As a sole trader, when you reach the VAT threshold you will have to register for VAT, it may also be advantageous in certain circumstances to register for VAT voluntarily.
Find out moreA guide to UK company formation
The UK offers countless opportunities for entrepreneurs. But how do you form a company? This guide explains the steps you need to take.
Find out moreTax for the self-employed
For self-employed individuals, the responsibility for reporting and paying the necessary tax relies solely on the individual. It is therefore important to understand what your obligations are and when...
Find out moreWho needs to file a tax return?
As your circumstances change, you must keep in mind that you may now be required to submit a tax return. The onus is on you to let HM Revenue & Customs (HMRC) know that you need to file a tax return....
Find out moreEight ways you can save on tax
Every penny counts so being effective with your tax planning can have significant rewards. This useful guide outlines eight ways you can reduce your tax payments.
Find out moreHow to write an invoice
Writing an effective invoice is important for ensuring you get paid on time for the goods or services you have provided. This guide outlines how to do it.
Find out moreHMRC hits pause on Making Tax Digital for income tax self-assessment p...
HM Revenue and Customs has paused its trial for Making Tax Digital for income tax self-assessment.
Find out moreWhat expenses to claim for when working from home
With many people still working from home, establishing what expenses can be claimed for is important and in this article, we look at what you may be entitled to.
Find out moreHMRC seeks out online traders and freelancers over unpaid tax
HM Revenue and Customs (HMRC) is targeting online traders, content creators and social influencers about their tax obligations from digital earnings.
Find out moreSix tips for running a successful business
There are many factors that drive business success. Read our guide to six key tips that will help you grow your start-up.
Find out moreA guide to paying freelance tax
How much tax are freelancers liable for and when do they need to pay it? Read our guide to how the UK tax system affects the self-employed.
Find out moreThe top five accounting errors small businesses make
It is quite common for small business owners to make accounting errors unwittingly. Your focus is, understandably, on the success and growth of your business, so it is not surprising that errors happe...
Find out moreSole trader tax changes where year ends don’t match the tax year
HMRC has provided guidance on planned basis period reforms for the self-employed.
Find out moreSole trader vs limited company – Which is better?
Choosing a business structure is one of the most important decisions a new business owner needs to make, but it can be difficult to understand your options. This guide outlines the differences between...
Find out moreWhat business expenses can a sole trader claim?
For businesses, making a profit and managing their tax liability is key to success. Find out more about the business expenses that you can claim tax relief on as a self-employed sole trader.
Find out moreWhat is a sole trader?
A sole trader is a self-employed individual who owns and runs their own business as an individual and, as their business isn’t a separate legal entity to its owner, a sole trader is their business.
Find out moreChanging from sole trader to limited company
Find out how to change from being a sole trader to being a limited company, including related costs and transferring property ownership.
Find out moreSelf-employed given personal claim date for fourth SEISS grant
HM Revenue and Customs has started informing eligible self-employed professionals of their personal claim dates for the upcoming fourth Self Employment Income Support Scheme (SEISS) grant.
Find out moreMore people turning freelance than at any time in the last decade
The UK is experiencing its biggest surge in freelancers and fledgling entrepreneurs for more than a decade.
Find out moreAlmost half-a-million new UK start-ups registered in 2020
The UK’s entrepreneurial spirit is very much alive and kicking if Companies House data for new start-ups in 2020 is to be believed.
Find out moreBudget 2021: Self-Employment Income Support Scheme extended
In the Budget on 3rd March, further extensions were announced to the Self-Employment Income Support Scheme.
Find out more10 tips for your business for the year ahead
With the dawn of a new year, this is a perfect time to give your business the New Year start it deserves – here are our top business planning tips to protect your business in 2021.
Find out morePublic Accounts Committee quizzes HMRC over forgotten freelancers and...
The Public Accounts Committee (PAC) has turned up the heat on HM Revenue and Customs (HMRC) over the forgotten limited company directors and freelancers who have not received the financial support the...
Find out moreAll you need to know about claiming the latest Self-employment Income...
Self-employed individuals who are eligible for the latest cash grant under the Self-employment Income Support Scheme, will be able to make claims from 30th November.
Find out moreWelsh Government announces new COVID-19 aid packages for businesses an...
Following the UK Government’s Summer Economy Plan, The Welsh Government has unveiled £140 million in new funding schemes to help small businesses, as well as new grants for freelancers in the creative...
Find out moreParliament debates lack of COVID-19 financial aid for small limited co...
Millions of small limited company directors who have missed out on financial aid from the Government during the COVID-19 crisis had their plight debated in the House of Commons after a petition launch...
Find out moreHow to start a business
If you are thinking about launching your own business there are a number of things to consider and put in place so your start-up gets off to the best possible beginning.
Find out moreChancellor reassures MPs over the prospect of tax rises
Amid reports of potential ‘historic’ tax grabs, Chancellor Rishi Sunak has moved to reassure Conservative MPs that a “horror show of tax rises with no end in sight” is not on the cards, despite having...
Find out moreTwo-fifths of small firms anticipate growth as lockdown restrictions e...
The latest Q2 2020 Small Business Index has been published by the Federation of Small Businesses, providing a snapshot of confidence among small businesses and sole traders nationwide.
Find out moreHow to claim for the Self-employment Income Support Scheme grant
How to claim and find out if you are eligible for the Self-employment Income Support Scheme
Find out moreFreelancer ‘boom’ amid the COVID-19 lockdown
The number of professionals turning to freelance work during the coronavirus lockdown has risen four-fold, according to leading freelance platform.
Find out moreTaxAssist Accountants urges Chancellor to take action to support self...
TaxAssist Accountants has written an open letter to the Chancellor of the Exchequer, Rishi Sunak, to highlight the lack of help and funding for large sections of the self-employed and the small busine...
Find out moreChancellor announces Self-Employed Income Support Scheme
Chancellor of the Exchequer, Rishi Sunak, has announced the Self-Employed Income Support Scheme, which aims to protect self-employed professionals and members of partnerships.
Find out moreInitial support for self employed individuals
There was relatively little content relevant for self-employed individuals and the Chancellor has suggested that specific measures will be introduced in the coming week.
Find out moreHMRC launches new helpline for taxpayers affected by coronavirus
HMRC has launched a new helpline to support businesses and self-employed people concerned about not being able to pay their tax because of COVID-19.
Find out moreSelf-employed fear mortgage applications
71% of self-employed professionals believe it is harder for them to get a mortgage application accepted than full-time employed applicants.
Find out moreRecord high levels of self-employment in the UK
New figures from the Office of National Statistics show that 4.97 million people in the UK are now self-employed professionals.
Find out moreRead our expert answers to your Self Employed questions
What happens if I do not register for self-assessment in time?
If you do not register for self-assessment by 5th October, you are late in notifying HMRC of your liability to pay tax.
Find out moreI am completing my first self-assessment tax return - where do I start...
Filing your tax return for the first time can be scary. The risk of getting it wrong, exposure to tax investigations and not knowing where to start can be overwhelming.
Find out moreWhat can high earners do to save tax?
I am a high earner and am looking at a large tax liability to pay in January. How can I make changes to reduce my tax liability and save tax?
Find out moreWhen is the tax return deadline?
I have heard that the deadline for submitting my self-assessment tax return to HMRC is the end of October. What should I do if I have not sent my tax return information to my accountant yet?
Find out moreAre payments in kind taxable?
I am a social media influencer and as well as being paid in cash I also get discounted or free products and services. Do I have to tell HMRC about these items?
Find out moreHow do I register for self-assessment?
I need to let HMRC know about some property income I started to receive in the 2023/24 tax year. How do I do this?
Find out moreTax relief on pension contributions
I’m self-employed and looking for ways to save tax. One recommendation I have received is to invest into a pension. Can you advise on the current savings available?
Find out moreDo I have to complete a self-assessment tax return?
I have heard that I may need to complete a self-assessment tax return, but how do I know?
Find out moreHow to Register as Self-Employed with HMRC: A Comprehensive Guide
Learn how to register as self-employed with HMRC in 10 simple steps. From creating a Government Gateway account to receiving your UTR, our guide by Catherine Heinen, FCCA, ensures you meet all require...
Find out moreHow long do I need to keep my tax records?
Now that I’ve submitted my tax return, can I throw the supporting documents relating to my business and P60 away? I’ve got a lot of paperwork from over the years and it’d be great to have a sort out.
Find out moreCan I claim for working from home tax relief?
As a self-employed builder I am mostly working elsewhere but I do work from home to do my books. Am I able to claim for use of home on my tax return?
Find out moreCan I save tax by running my business through a limited company?
I am a sole trader plumber and am wondering if I could save tax by running my business through a limited company? My taxable profits are around £60,000, and I anticipate they will remain at around thi...
Find out moreHow do I get a tax refund if I am a subcontractor?
I’ve been working as a labourer for a couple of years now. One of my friends mentioned that he'd just got a big tax refund. How do I get a tax refund?
Find out moreWhere do I find my UTR number?
Where to find your Unique Taxpayer Reference (UTR) number or Corporation Tax UTR number.
Find out moreWhat is a UTR number?
A Unique Taxpayer Reference number (UTR number) is a ten-digit number that is used by HM Revenue & Customs (HMRC) to identify taxpayers.
Find out moreIs a limited company the best entity for my business?
I’m starting up in business as a limited company, is this the best entity for me and can anybody access my accounts?
Find out moreHow do I work out turnover to allow me to claim a fifth SEISS grant?
I complete my own books and I’m eligible to make a fifth Self-employment Income Support Scheme claim but HMRC have contacted me and said I need to have turnover figures to make a claim. Where do I fin...
Find out moreChoosing to be a limited company or sole trader as a contractor
As a CIS contractor on top of the normal issues surrounding whether to be a limited company or a sole trader, are there any CIS specific issues to be aware of?
Find out moreClass 2 National Insurance Contributions and state benefits
I’m self-employed and haven’t paid all of my tax due for 2019/20, will this affect my entitlement to state benefits?
Find out moreWill I be able to claim the second self-employed support grant?
"I previously didn’t claim any self-employed grant (SEISS) as I wasn’t affected by COVID-19, will I be able to claim the second support grant?"
Find out moreMust I stop working if I am covered by the Self-Employment Income Supp...
If I wish to claim support under the Self-Employment Income Support Scheme. Does this mean that I must stop working?
Find out moreHow to claim help under the Self-Employment Income Support Scheme?
When and how can I claim support under the Self-Employment Income Support Scheme?
Find out moreSelf-Employment Income Support Scheme: what is meant by profits?
I think I may be eligible for the Self-Employment Income Support Scheme, as the guidance says my trading profits must be less than £50,000. What is meant by ‘profits’? Are these the sales that I make...
Find out moreCan I claim for Job Retention Scheme if I am an employee and self-empl...
I am self-employed (less than 50% of my income) as well as being in full-time permanent employment. It is possible that I’ll be furloughed from my day job very soon, and I am wondering if my self-empl...
Find out moreTax Credit estimates
I submitted my Tax Credit forms with my estimated income for the year - I have now completed my tax return but do I need to tell Tax Credit Office?
Find out more