Category: Self-Employed Tax

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…

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…

If HMRC has asked you to complete a tax self assessment, it’s usually for a simple reason: they believe you have earned income that hasn’t been taxed automatically (like wages are). The most common reason is that you have registered as a self-employed sole trader or have become a landlord. What is a Tax Self…

Understanding the tax implications of various insurance policies can be a complex area for self-employed individuals in the UK. When it comes to income protection and key person insurance, the rules are nuanced, primarily revolving around HMRC’s ‘wholly and exclusively’ rule. Standard Income Protection Insurance For the vast majority of self-employed individuals, the premiums paid…

What if I use something for both business and personal reasons? This is a common situation, especially for self-employed individuals. The key rule is that you can only claim the business portion of the cost. You need to work out a fair way to divide the cost between business and personal use [1]. Example: Imagine…

Sometimes, you buy larger items for your business that you’ll use for a long time, like equipment or vehicles. These are called ‘capital assets’. Instead of claiming the full cost as an allowable expense in one go, you claim ‘capital allowances’ over several years. This spreads the tax relief over the item’s useful life. Common…

What are Allowable Expenses? Allowable expenses are simply the costs of running your business. To be ‘allowable’, an expense must be ‘wholly and exclusively’ for business purposes. This means the cost must be entirely for your business and not for personal use. If something is used for both business and personal reasons, you can only…

Being your own boss in the UK offers incredible freedom and flexibility, but it also comes with the responsibility of managing your own taxes. For many new and aspiring self-employed individuals, the tax system can seem daunting. A frequent and crucial question is: “How much can I earn self-employed before doing a tax return?” This…

If you are searching for a self employed tax accountant near me, you’ve come to the right place. I offer friendly and affordable tax and bookkeeping services for people running their own business in and around Newmarket, Cambridge, Ely, and Bury St Edmunds. Being self employed has many benefits – freedom, flexibility, and the chance…