How to Apply for a UTR Number
Applying for a UTR number forms an essential part of the self assessment process. If you come under the self assessment rules, but fail to register and file a tax return, you risk financial penalties. In this guide, we answer frequently asked questions about UTR numbers, including how to apply for a UTR number to […]
Can I Get a Mortgage if I’m Self Employed?
If you work for yourself, getting a self-employed mortgage can often be less straightforward than if you were employed – but it’s not impossible. Understanding your options and the criteria you’ll need to meet and prove will help you be prepared and get approved for a mortgage. The following guidance looks at the general criteria […]
How To Do Self-Employed Accounts
If you work for yourself as a sole trader, you’ll need to familiarise yourself with the rules on self-employed accounts. Sole traders have to keep financial records relating to the income generated and expenses incurred while doing business. At the end of each tax year, you will be required to report your business income and […]
Self-Employment Explained
While going into business to work for yourself is an exciting time, there will be a lot you will need to consider. Self-employment means you will be taking on many responsibilities in the course of running your business, including meeting your tax obligations. What is self-employment status? If you start to work for […]
Freelance & Self Employed Maternity Pay
Under current rules, self-employed workers do not have as many maternity rights or entitlements as employed workers. However, if you work as a freelancer and on a self-employed basis, you may be entitled to a specific type of maternity pay called maternity allowance. Statutory Maternity Pay or Maternity Allowance? Statutory Maternity Pay (SMP) […]
Sole Trader Expenses: What Can You Claim?
As a sole trader, your business is likely to incur various running costs, some of which can be deducted from your profits to reduce your taxable income, meaning you pay less tax. In this guide for self-employed workers, we explain which expenses are allowable, how to make a claim for expenses and what records you […]