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…
Category: National Insurance
Read more about National Insurance Contributions if you are filing a UK Tax Return.
Spring Statement: any cheer for landlords or the self employed?
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…
How Should You Report a SEISS Grant on Your Tax Return?
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.…
How will National Insurance Contributions increases affect sole traders and landlords?
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…
What information do you need when you register for Self Assessment?
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…
How and When Should You Report a SEISS Grant on Your Tax Return?
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…
Tax And National Insurance When You’re Self-Employed
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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Sign up Now7 sources of income you need to report via a Self Assessment tax return
06 Dec 2022
If you need to file a Self Assessment tax return, you should make sure that you report all sources of taxable income, otherwise there…
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UK landlord? Complete your Self Assessment tax return in 6 simple steps
06 Dec 2022
You probably hate having to do your tax return each year. Let’s be honest – it’s a faff – and you’d rather be doing…
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Boom! 6 common MTD for ITSA myths exploded
14 Nov 2022
By now you may (or may not) have heard about Making Tax Digital (MTD), the comprehensive digitisation process that’s transforming the UK tax system.…
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