Many people dream of becoming their own boss and enjoying the flexibility that self-employment affords. But when it comes to securing a mortgage, being classed as self-employed, rather than employed can seem like pushing water uphill. The good news is that it doesn’t have to be that hard – it is possible to get a […]
Employed and self-employed – What tax will I pay?
You’re currently employed but want to start up a business as a sideline either because you are transitioning from a hobby or you’re keen to supplement your income. Either way, you’re ready to take the leap but haven’t quite got your head around the tax side of things. Am I right? The first thing to […]
6 things you should do before the end of the tax year
The end of the tax year is fast approaching and some of you, whose accounting year end follows the tax year, will soon become embroiled in finalising your small business accounts. But, before you leap into self-assessment mode, it’s worth taking a quick review of your taxes and personal finances. Here are 6 simple things […]
Budget 2017: Key points for small business owners
It would appear that small businesses and the self-employed have once again come into the firing line through measures introduced in the Chancellor’s Spring Budget. For the full 68 page report on the Budget 2017 you can click here. In the meantime, here are the key points affecting small business owners: Compliance with Making Tax […]
What happens if I don’t file my self-assessment tax return on time?
If you’re new to self-assessment or haven’t quite got your act together on the paperwork front, you may worrying about whether you’re going to “make it” before the deadline and anxious about the repercussions of a late tax return submission to HMRC. Here are the facts: Your tax return for 2015-16 is due […]
Payments on account – a guide for sole traders
Payments on account are one of the most commonly misunderstood aspects of the self-assessment process and although the intention is to help self-employed people spread out their tax bill, the advantages might not seem so apparent when you ‘re first asked to pay a whopping big tax bill up front. What are payments on account? […]
I’m a sole trader – will I need to submit 4 tax returns a year?
You’re a sole trader running a small business. You’re feeling comfortable with the whole annual self-assessment tax process and you’ve mastered Excel spread-sheets. But, brace yourself. The government has planned a big digital overhaul of the tax system with a raft of new tax changes coming your way. The rationale behind the “Making Tax Digital” plan is HMRC’s […]
National Insurance Contributions – it’s all change for the self-employed
Many sole traders look at their tax position only in terms of the Income Tax payable and sometimes forget to take into account the tax they have to pay as National Insurance (NI). It’s easy to understand why NI is often regarded as the “forgotten tax” as the thresholds at which you pay NI and Income Tax differ. You […]