Author: Wojciech
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Do I Need a Business Bank Account for Small Business?
If you are starting a small business in the UK, one of the first questions you may have is whether you need a separate business bank account, particularly if you are a sole trader and already have a personal current account that you could technically use for receiving customer payments and paying business expenses. The…
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Making Tax Digital Quarterly Reporting
Making Tax Digital (MTD) for Income Tax is now becoming a major change for self-employed people and landlords in the UK. From 6 April 2026, many sole traders and landlords with qualifying income above £50,000 have had to keep digital records and send quarterly updates to HMRC using compatible software. The rules will then gradually…
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Self-Employed: Class 2 and Class 4 national insurance contributions Explained
If you are self-employed in the UK, you may have heard of Class 2 and Class 4 National Insurance contributions and wondered whether you actually have to pay them. National Insurance can be confusing because the rules for self-employed people are different from those for employees, and the rules around Class 2 National Insurance changed…
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Capital Allowances: Claiming Tax Relief on Equipment and Vehicles
If you are self-employed or run a small business in the UK, buying equipment, machinery or a vehicle can be a significant expense. However, the tax system may allow you to claim tax relief on qualifying purchases through capital allowances. Capital allowances can be particularly useful when you invest in items that you expect to…
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Self Assessment Register as a Sole Trader: Step-by-Step Guide
Starting work for yourself in the UK is relatively straightforward, but one of the first things you need to understand is how to register as a sole trader and tell HM Revenue and Customs (HMRC) that you are self-employed. If you are starting a business on your own, you will normally operate as a sole…
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Sole Trader vs Limited Company: Which Is Better for you?
If you are starting a business in the UK, one of the first decisions you will need to make is whether to operate as a sole trader or set up a limited company. Both options can work well, but they are very different when it comes to tax, paperwork, legal responsibility and the way you…
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Annual Accounts vs Company Tax Return UK: What Is the Difference?
If you run a limited company in the UK, you will usually hear about annual accounts and a Company Tax Return, and although the two are closely connected and are often prepared from the same bookkeeping records, they are not the same thing and they are filed for different purposes. In simple terms, annual accounts…
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Limited Company Tax Deadlines and Limited Company Accounts Cost in the UK
Running a limited company in the UK gives you more flexibility than being a sole trader, but it also means you have several different filing and payment deadlines to keep track of, and one of the most common mistakes is assuming that there is just one annual deadline for everything. In reality, your company may…
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Dividends Tax UK: Dividend Tax Rates and Tax-Free Allowance
If you receive dividends from shares or take dividends from your own limited company, you may have to pay Income Tax on that dividend income. The rules are slightly different from ordinary employment or self-employed income, and from 6 April 2026 the dividend tax rates have increased for basic-rate and higher-rate taxpayers. For the 2026/27…
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What Is a CIS300 Form? CIS300 Monthly Return Explained
What Is a CIS300 Form? CIS300 Monthly Return Explained If you are a contractor working in the construction industry and you pay subcontractors, you may have come across the term CIS300 form or CIS300 return. Although the name can sound like another complicated HMRC form, the basic idea is quite simple: the CIS300 is the…