Category: Self-Employed Tax
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Do you have to pay a student loan if self-employed?
Yes, you do have to pay back your student loan if you are self-employed in the UK. Being your own boss does not wipe out your student debt. However, you will only make payments if your business profits go above a certain amount. A Simple Guide to Paying Your Student Loan When Self-Employed Becoming self-employed…
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What is the penalty for voluntary disclosure to HMRC?
The penalty for a voluntary (unprompted) disclosure to HMRC ranges from 0% to 100% of the tax you owe. For careless mistakes, you can often get the penalty reduced to 0%. However, if the error was deliberate, the penalty will be higher—though still significantly lower than if HMRC had to catch you first. Here is…
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When can I file my 25-26 self assessment
You can file your 2025/26 tax return from 6 April 2026. The 2025/26 tax year runs from 6 April 2025 to 5 April 2026. As soon as the tax year finishes, HM Revenue and Customs (HMRC) opens their systems so you can submit your details right away. Important Deadlines to Remember While you can start…
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How much do accountants charge for year-end accounts in the UK?
If you are self-employed or run a small business in the UK, expect to pay premium accounting fees of between £400 and £1,200 for a thorough year-end self-assessment tax return as a sole trader. If you operate a small limited company, comprehensive year-end accounts and your corporation tax return will typically cost between £1,500 and…
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Can I do my own end of year account?
The short answer is: Yes, you absolutely can! If you are self-employed in the UK (a sole trader), there is no legal rule that says you must hire an accountant. You are completely free to add up your own end-of-year accounts and submit your own Self Assessment tax return directly to HMRC. Many self-employed people…
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What to do before 5th April – self employed guide
To get ready for the new UK tax year, self-employed workers need to buy any needed business equipment or supplies now to lower this year’s tax bill, top up a pension to reduce taxable income, and—crucially for this year—set up digital accounting software if you earn over £50,000, as the new ‘Making Tax Digital’ rules…
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Self employed National Insurance rates 2026/27
For the upcoming tax year (running from 6 April 2026 to 5 April 2027), here is exactly what you will pay in self-employed National Insurance: Taxes can feel incredibly overwhelming, especially when you are working for yourself and have to manage everything on your own. It is completely normal to feel a bit lost when…
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Can I claim for a laptop bought in March?
Yes, you absolutely can! If you are a self-employed sole trader in the UK, buying a laptop in March is a perfectly valid business expense to claim on your tax return. Here is a simple guide to how it works and why buying in March is actually a smart move. The “March” Advantage In the…
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HMRC late filing penalty appeal
Yes, you can appeal an HMRC late filing penalty. To succeed, you must have a “reasonable excuse” for missing the deadline, and you usually need to make your appeal within 30 days of the date on the penalty letter.+1 Step 1: Check if you have a “Reasonable Excuse” HMRC will not accept an appeal just…
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How long do I need to keep receipts UK?
You must keep your receipts for at least 5 years after the 31 January submission deadline of the relevant tax year. Since tax returns are filed nearly a year after the tax year ends, this usually means keeping records for about 6 years in total from the date of the receipt. How the dates work…