Sole Trader and Self Employment
70 articles on sole trader and self employment for UK limited company directors, contractors, sole traders and small businesses.
Sole Trader and Self Employment
Miss the 31 January deadline and HMRC charges an automatic £100 penalty. The fines escalate the longer you delay, reaching up to £1,600 plus daily penalties and tax-geared penalties. Here is exactly how the system works and what to do if you have missed the deadline.
Sole Trader and Self Employment
Setting up a business partnership in the UK is straightforward but carries one risk most new partners overlook: unlimited joint and several liability. This guide covers every formation step, from choosing a nominated partner and registering with HMRC, to drafting a partnership agreement, filing your first SA800 and getting your records, VAT and bank account in order.
Sole Trader and Self Employment
LLP members are taxed on their allocated profit share for the tax year, not on the cash they draw from the partnership. This guide explains how profit allocation works, how to calculate your income tax and Class 4 NIC bill for 2026/27, how to handle payments on account, and when the salaried-member rules might change your treatment entirely.
Sole Trader and Self Employment
A UTR is a 10-digit reference number HMRC uses to identify you or your business for tax purposes. This guide explains all three types (personal, corporation tax, and partnership), where to find each one, what to do if you have lost it, and when HMRC actually requires it.
Sole Trader and Self Employment
A practical breakdown of England tax bands for 2026/27. Covers income tax rates, National Insurance thresholds, personal allowance tapering, the higher dividend tax rates that apply from April 2026, and what these mean for your business. Real numbers, clear examples.
Sole Trader and Self Employment
A practical guide to claiming a tax refund from HMRC. Covers overpaid tax from employment, Self Assessment rebates, working from home, and common pitfalls to avoid.
Sole Trader and Self Employment
An HMRC tax rebate means you paid too much tax and HMRC owes you money. This post explains who typically qualifies, what triggers a rebate, and the exact steps to claim it through the correct channel.
Sole Trader and Self Employment
Sole traders can claim capital allowances on equipment, vehicles, tools and most plant and machinery used in the business. The Annual Investment Allowance gives 100% relief on up to £1,000,000 of qualifying spend per year. From 6 April 2026, Finance Act 2026 s.28 cut the main-rate writing down allowance from 18% to 14%. A new 40% first-year allowance on new, unused main-rate plant and machinery applies from 6 April 2026 under FA 2026 s.29. Cars are excluded from the AIA and the first-year allowances and follow a separate CO2-based regime. Cash basis sole traders can deduct the full cost of qualifying assets as an expense instead.
Sole Trader and Self Employment
A tax rebate means HMRC owes you money. Common causes include overpaid PAYE, wrong tax codes, and allowable expenses you haven't claimed. This post explains how to check and claim what you're owed.
Sole Trader and Self Employment
If you've paid too much tax through your job, pension, or self assessment, you may be due a refund. This guide explains the process, what you can claim for, and how to avoid common mistakes.
Sole Trader and Self Employment
A practical guide to using a taxable income calculator for UK Self Assessment. Covers what taxable income includes, how the calculator works for sole traders and employees, and the key tax rates for 2025/26.
Sole Trader and Self Employment
A complete breakdown of UK tax bands for 2026/27. Covers income tax rates, National Insurance thresholds, personal allowance, dividend tax, and key allowances. Written for business owners who need practical, decision-ready guidance.