For self-employed tradespeople in the UK, understanding how to handle taxes is a vital part of running a successful business. Whether you’re a carpenter, plumber, […]
Sole trader
How Making Tax Digital for ITSA Helps Sole Traders Save Time and Money
In recent years, the UK government has embarked on an ambitious initiative aimed at overhauling the country’s tax system. This initiative, known as Making Tax […]
How to Negotiate Better Deals With Suppliers as a Sole Trader
With the cost of goods and services rising steadily, many sole traders are feeling the financial strain. Whether you’re in retail, construction, freelance services or […]
Smart Cash Flow Strategies Every Sole Trader Should Follow
You’ve likely heard the phrase: turnover is vanity, profit is sanity, but cash is reality. It means that no matter how impressive your sales or […]
Essential Tax Return Tips Every Sole Trader Should Know
If you operate as a sole trader and your earnings exceed £1,000 in a tax year, registering with HMRC as self-employed is a legal obligation. […]
How to Handle Sole Trader Tax if You Run a Seasonal Business
Seasonal businesses are an appealing choice for many aspiring entrepreneurs in the UK. Whether you operate a beachside kiosk during summer, sell festive decorations in […]
Simplified Tax Reporting for Sole Traders: What It Means for Your Business
Starting in the 2024/25 tax year, HMRC will implement a significant change to how sole traders report their income. This move aims to streamline tax […]
Sole Trader Self Assessment: Maximise Your Tax Savings Legally
When you’re running your own business as a sole trader, understanding how to manage taxes is essential. One of the most beneficial tools at your […]
Working from Home as a Sole Trader? Here’s What You Can Claim
Operating as a sole trader from home is no longer seen as unconventional. For many people, it offers a practical and cost-efficient way to start […]
How to Claim Utility Expenses When Working from Home as a Sole Trader
Working as a sole trader in the UK offers many advantages: autonomy, flexibility, and the ability to manage your own finances. However, it also means […]
Mastering Business Expense Management: A Practical Guide for Sole Traders
Managing your own business as a sole trader comes with freedom and flexibility, but it also means that all responsibility for financial tracking rests on […]
Basis Period Reform Explained: What UK Sole Traders and Partnerships Must Know
If you’re a business owner who pays tax through Self Assessment, the term “basis period reform” may not yet be on your radar. It’s not […]
Top 20 Tax and Accounting Terms Every Sole Trader Needs to Know
You may be confident in your skillset or profession, but when it comes to the financial side of your business, tax and accounting terminology can […]
Complete Tax Guide for Sole Traders Launching a Business
Starting your journey as a sole trader is both exciting and challenging. You gain the freedom to be your own boss, but with that freedom […]
How Much Should Sole Traders Save Monthly for Taxes? A Practical Guide
For many sole traders, receiving a large unexpected tax bill is one of the most stressful aspects of self-employment. Unlike employees who have tax automatically […]