Podcast, Blogs

What Is PAYE and How Does It Work? PAYE stands for Pay As You Earn. It is the system HM Revenue and Customs uses to collect Income Tax and National Insurance from employees. Employers manage PAYE through their payroll. Before paying an employee, the business works out...

What Happens If I Missed the Self Assessment Deadline? Missing the Self Assessment deadline can feel stressful, but it is important not to ignore it. The sooner you act, the easier it is to reduce extra costs and avoid the problem getting worse. In most cases, if you...

When Do I Need to Register for VAT? VAT registration can feel confusing when your business starts to grow. Many sole traders, limited companies and small business owners are unsure when they need to register, how the VAT threshold works, and what happens if they...

What Expenses Are Sole Traders Allowed to Claim? If you are self-employed, some of the costs of running your business can be claimed as expenses. These are known as allowable expenses. They reduce your business profit, which can also reduce the amount of tax you need...

Do you need an accountant? If you work for yourself, you may wonder whether you really need an accountant. The short answer is no, there is no legal rule that says a sole trader must use an accountant. You can manage your own records, complete your own Self Assessment...