Income Tax bands (England and NI)
17 May 2022
The amount of Income Tax you pay in each tax year when you’re self-employed (ie a sole trader) is determined by how much income you earn above the Personal Allowance threshold and how much of your…
Read more about National Insurance Contributions if you are filing a UK Tax Return.
17 May 2022
The amount of Income Tax you pay in each tax year when you’re self-employed (ie a sole trader) is determined by how much income you earn above the Personal Allowance threshold and how much of your…
23 Mar 2022
Against a backdrop of record inflation that reached 6.2% in the 12 months to February 2022, a 30-year high driven by rising fuel and energy costs, Chancellor Rishi Sunak has delivered his Spring Statement. But amid…
03 Dec 2021
Reporting a SEISS grant on your Self-Assessment return You don’t need to repay a SEISS grant – it’s not a loan. However, SEISS grant awards are subject to Income Tax and Class 4 National Insurance contributions.…
14 Oct 2021
MPs have voted through Prime Minister Boris Johnson’s 1.25 percentage point increase in National Insurance contributions (NICs), which will be introduced on 6 April 2022. The NICs rise is part of new government efforts to raise…
17 Aug 2021
More than 660,000 people in the UK start their own business each year. Most choose to become self-employed (AKA a sole trader). Sole traders make up about 60% (3.5m) of the total UK business population of…
24 Mar 2021
When Chancellor Rishi Sunak presented his 2021 Budget on 3 March, he announced a further extension of the Self-employment Income Support Scheme (SEISS), which will now run until the end of September 2021. It was welcome…
25 Oct 2019
Self-employment tax generally refers to the tax bill of sole traders and freelancers. After initially registering as self-employed, sole traders are expected to figure out how to calculate self-employment tax themselves. It’s a big jump, going…
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