Once you start working on a self-employed basis, you’ll soon realise just how pricey it can be to run any sort of business. No matter what type of goods or services you offer, you’re going to incur lots of expenses. But the good news is that some of those expenses are tax deductible. What are…
An unpaid or delayed invoice is something all freelancers and contractors have to deal with at some point. Some clients are just forgetful, or disorganised. But you’ll also encounter clients who, for one reason or another, simply refuse to pay an invoice. So when faced with a non-payment of an invoice, what are your options?…
If you’ve never had to send an invoice before, you might be wondering what to include, and what to expect. So we put together this essential guide to invoices for UK businesses, to help you get your invoice right first time. What Does a Freelance Invoice Need to Include? There are some things that you…
If you’re a self-employed freelancer or contractor, you have a legal obligation to keep certain records. These laws apply whether you’re a sole trader, or you’re in a partnership. These records are mainly for your own use, so you can effectively work out your profit or loss when submitting your self-assessment tax return. There’s no…
Floods are the most common natural disaster in the UK, and flooding is a major risk of business interruption to firms of all sizes. Don’t think of flooding as something that happens to other people. If you’re not prepared, even a small flood could utterly sink your business. It’s important that you conduct adequate flooding…
If you’re new to the world of self-employed work, then you’re probably also new to the world of UK tax law. So you’ve probably come across a lot of terms and concepts for the very first time – turnover, expenses, benefits in kind, and so on. In this post we’ll attempt to demystify some of…
As soon as you register as self-employed, HMRC will send you a Unique Taxpayer Reference (UTR) number by post. On top of this, they’ll set up an online HMRC account for you, and send you instructions on how to access it. This means that you’ll have to submit a self-assessment tax return each year. But…
Self-employed people must pay National Insurance contributions. But the good news is that the rate you’ll pay is lower than the rate employees pay. This is your essential guide to National Insurance for the self-employed. We’ll explore how much you have to pay, how to pay it, and what happens if you don’t pay. How…
It’s common for people to work multiple jobs. You could have a full-time job and a second job, perhaps working evenings or weekends. Or you could work multiple part-time jobs. Many also do some self-employed work alongside a second job. All of these working arrangements can cause some confusion about the amount of tax you…
If you’re self-employed, you work for yourself. If you’re an employee, you work for someone else. Simple? – well not that simple! HMRC has different tax rules for self-employed people and for employees. But the line between a self-employed person and an employee can often be very thin. The off-payroll working rules make sure that…