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 NowPaying tax and claiming reliefs when on professional secondment to the UK
10 Aug 2022
Have you been working in the UK, but live elsewhere? For example, are you from India and have you been working on an IT…
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Key facts and MTD for ITSA terms you should understand
10 Aug 2022
If you’re self-employed or a private landlord who reports taxable income of more than £10,000 a year via Self Assessment and you don’t already…
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Making Tax Digital for Income Tax Self Assessment: key dates and deadlines
27 Jul 2022
Self-employed sole traders, landlords and others who currently report taxable income of more than £10,000 a year via Self Assessment (thought to number about…
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