Category: Self-Employed Tax
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What to Look for in a Small Business Accountant: A 2026 Guide
In 2026, a small business accountant should be more than just a “tax filer.” You need a strategic growth partner who understands your specific industry, operates on a digital-first basis (essential for Making Tax Digital compliance), and offers proactive advice on cash flow and profitability throughout the year—not just at the deadline. Why the “Once-a-Year”…
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Self Employed Tax Form UK: 2026/27 Guide
For the 2026/27 tax year (which runs from 6 April 2026 to 5 April 2027), the rules are changing for some people. Here is the simple guide to getting it right. 1. What is the “Form”? For most people, the form is still the Self Assessment Tax Return (form SA100). You usually fill this in…
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10 Things You Didn’t Know You Could Claim (Self-Employed UK)
If you are self-employed in the UK, you pay tax on your profits, not your total income. That means: Income – Expenses = Taxable Profit Every valid expense you forget to claim is money you are voluntarily handing over to HMRC. While everyone knows about “mileage” and “laptops,” here are 10 lesser-known or commonly missed…
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Self Employed Pension – UK Guide
What is a self-employed private pension? In short: A self-employed pension is a private savings pot that you set up yourself to pay for your life after you stop working. Because you don’t have an employer to sort it out for you, you are responsible for starting it. The government encourages you to do this…
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Can I be self employed and have a second job?
In the UK, it is perfectly legal to have a regular job (where you are an employee on a payroll) and be self-employed at the same time. Many people do this to earn extra money, test a business idea, or turn a hobby into cash. Here is what you need to know to do it…
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Change to Side Hustles UK tax in 2029?
If you are an employee who also makes money from a “side hustle” (like selling on eBay, Vinted, or freelancing), a major change is buried in the government’s latest financial plans. Starting in 2029, HMRC plans to stop giving you a choice on how you pay your side-hustle tax. Instead of paying a lump sum…
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Capital vs revenue expenses uk guide for self employed
The Short Answer: What is the difference? The “Cash Basis” Update (Important for 2024/25) Before you read further, check if you use “Cash Basis” accounting. 1. Revenue Expenses (Day-to-Day Costs) These are the ongoing costs of keeping your business alive. You can deduct the full cost of these from your turnover to lower your taxable…
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How Much Is the HMRC Late Filing Penalty
The immediate answer is £100. If you file your tax return even one day late, HMRC automatically charges you a £100 fixed penalty. The Full Cost: It Gets Worse if You Wait That £100 is just the starting point. If you ignore the deadline, the fines escalate rapidly based on a strict timeline. Here is…
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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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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…