HMRC Self Assessment: Tax Return Guide
Being self-employed carries with it a number of financial responsibilities, including the requirement to report your earnings to HM Revenue and Customs (HMRC) under the self assessment regime. It’s important to meet your obligations as a self employed individual to ensure you are paying the correct amount of tax and to avoid paying a penalty […]
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 […]
Sole Trader Tax Rules 2023
Among the responsibilities of working for yourself is ensuring you meet your sole trader tax liabilities. The following guide on sole trader tax provides a look at the rules relating to income tax, national insurance contributions and VAT for self-employed workers, from what rates of tax you will be liable to pay on your trading […]
Payment on Account (Self Assessment Guide)
If you work for yourself, you will need to understand the self assessment tax rules. The following guide looks at the HMRC payment on account requirements. How are these advance payments calculated and can they be reduced? We also look at the penalties imposed by HMRC for either late returns or late or non payment […]
What are the Rules on Tax for Freelancers?
If you work as a freelancer, either full-time or in addition to any employed work, you will often be so busy keeping your clients and customers happy, that little time is left to consider your tax liabilities. The following comprehensive guide is here to help you navigate the rules relating to Income Tax, National Insurance […]
Freelancer & Self Employed Sick Pay Rules
Working for yourself comes with many benefits but it can also have drawbacks. One of the biggest downsides is the lack of employment rights, especially when it comes to being unfit for work and claiming sick pay. In this guide, we explain the sick pay rules for self-employed and freelance workers and alternative forms of […]