The Winchester Bookkeeping Company

Bookkeeping, accounts and tax support for sole traders in Hampshire

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I’m self-employed. How can I prove my income for a mortgage?

September 9, 2017 By Karen Upcraft

Self-employed? How can i prove your income for a mortgage.

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 […]

Filed Under: Business planning, Personal taxation, Record keeping, Self employment, Tax planning Tagged With: Accountants certificate, Limited company director, Obtaining a mortgage, Partnerships, SA302, Self-employed income, Self-employment, sole trader, Tax overview

Employed and self-employed – What tax will I pay?

March 26, 2017 By Karen Upcraft

What tax do I pay if I am self-employed and employed

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 […]

Filed Under: Budgeting for small business, Personal taxation, Self assessment, Self employment, Starting Up, Working from home Tagged With: employed Income tax, hobby business, National Insurance, personal taxation, self assessment, Self employed income tax, Self-employment, sole trader, starting up a business, Tax returns

6 things you should do before the end of the tax year

March 22, 2017 By Karen Upcraft

6 things to 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 […]

Filed Under: Personal taxation, Self employment, Tax planning Tagged With: Capital gains tax, personal finance, self employed, self-assessment taxation, sole trader, tax codes, tax planning

Budget 2017: Key points for small business owners

March 10, 2017 By Karen Upcraft

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 […]

Filed Under: online accounting software, Personal taxation, Self assessment, Self employment, VAT Tagged With: bookkeeping, Budget 2017, Online accounting software, online invoicing, personal taxation, self assessment, self employed, Self-employment, sole trader

What happens if I don’t file my self-assessment tax return on time?

January 14, 2017 By Karen Upcraft

Self-assessment deadline

    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 […]

Filed Under: Personal taxation, Self assessment, Self employment, Starting Up Tagged With: personal taxation, self assessment, self assessment tax, self employed, sole trader, tax planning

Payments on account – a guide for sole traders

September 25, 2016 By Karen Upcraft

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? […]

Filed Under: Business planning, Personal taxation, Self assessment, Self employment, Starting Up, Tax planning, Working from home Tagged With: Budgeting, Financial planning, payments on account, personal taxation, self assessment, Self employed income tax, Self-employment, sole trader, sole trader self assessment, tax, tax return

I’m a sole trader – will I need to submit 4 tax returns a year?

April 24, 2016 By Karen Upcraft

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 […]

Filed Under: Accounting software, Bookkeeping and accounting, Business planning, Excel, online accounting software, Record keeping, Self assessment, Self employment, Tax planning Tagged With: bookkeeping, Digital tax accounts, Making Tax Digital, Online accounting software, personal taxation, self employed, sole trader

National Insurance Contributions – it’s all change for the self-employed

March 20, 2016 By Karen Upcraft

NI contributions for 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 […]

Filed Under: Bookkeeping and accounting, Personal taxation, Self assessment, Self employment Tagged With: class2NI, Class4 NI, National Insurance, self assessment, self employed, sole trader, tax

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Recent Posts

  • Autumn Budget 2017: A summary for small business owners
  • But my friend claims that as a tax expense……..
  • Are you using your Personal Tax Account?
  • Self-employed? 6 tips to boost your chances of getting a mortgage
  • I’m self-employed. How can I prove my income for a mortgage?

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The Winchester Bookkeeping Company Ltd. Registered office: The Elms, Itchen Abbas,SO21 1BN. Registered in England & Wales. No: 8942503.

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