Author: Wojciech
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What is a failure to notify
In simple terms, Failure to Notify is when you start earning money on your own (self-employment) but do not tell HMRC about it by the deadline. If you started your business in the last tax year and didn’t register for Self Assessment by 5 October of the current year, you have committed a “Failure to…
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Student Loan Plan 5 – What You Need to Know Before April 2026
Plan 5 is the new repayment scheme for students who start an undergraduate or Advanced Learner Loan course on or after 1 August 2023. Here is a simple breakdown of how this plan works. 1. When Do Repayments Start? The good news is you won’t have to start paying back your loan until April 2026…
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Student Loan thresholds 2026/27 (UK)
If you have a student loan, the amount you need to earn before you start making repayments is changing for the 2026/27 tax year (which starts in April 2026). These changes affect the annual earnings threshold—the salary you must exceed before your employer starts taking repayments from your wages. The exact figure depends on which…
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What is MTD ITSA software
MTD ITSA software is a specific type of accounting or bookkeeping tool approved by HMRC that allows self-employed people and landlords in the UK to keep digital records and send tax updates to HMRC every three months. What is MTD ITSA? MTD stands for Making Tax Digital, and ITSA stands for Income Tax Self Assessment.…
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How self employed pay tax (UK guide)
Self-employed people in the UK pay tax by completing a Self Assessment tax return each year and paying Income Tax and National Insurance on their profits. Understanding how it works When you work for yourself, you’re responsible for calculating your own tax. HMRC won’t do it automatically.You need to register as self-employed, keep records of…
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Does my accountant need access to my bank account?
No, your accountant should never need your personal bank login details, PIN, or password. You should never share these with anyone. Giving out this information is a major security risk, could lead to fraud, and likely breaks the terms and conditions of your bank account. While they don’t need access to log in, they do…
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Is it hard to get a mortgage as self employed?
No, it isn’t necessarily harder to get a mortgage as self-employed, but the process is different and requires more paperwork. Lenders just want to be sure you have a steady and reliable income to afford the monthly payments. Instead of showing payslips from an employer, you have to prove your income in other ways. 🏠…
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How to Avoid 40% Tax Self Employed
To avoid 40% tax self employed (known as the Higher Rate), you must legally reduce your taxable profits to below £50,271. The two most effective ways to do this are by claiming all your allowable business expenses and by making pension contributions. This article explains how this works in simple terms. (Note: These figures are…
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How to Get Your SA302 Form
If you need your SA302 (Tax Calculation) for a loan application, the quickest way to get it is usually through the HMRC website. Option 1: Download from HMRC Website If you filed your tax return yourself via GOV.UK, follow these steps: Note: If you just submitted your return, you usually have to wait 72 hours…
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Can I Get a Loan if Self-Employed?
Yes, you absolutely can get a loan if you work for yourself in the UK. While high street banks often find it easier to lend to people with regular PAYE payslips, many specialist lenders now provide loans for self-employed workers, contractors, and freelancers. You just need to be prepared to prove your income is stable…