If your self-employed income exceeds £1,000 in a tax year, you must ask yourself, “how do I register as a sole trader” with HM Revenue & Customs (HMRC). This article walks you through every step, updated for 2025-2026 tax regulations, backed by official sources. Summary “Overview of when and why one needs to know ‘how […]
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Entrepreneur’s Relief, officially known as Business Asset Disposal Relief (BADR), is a valuable tax benefit in the UK that reduces the Capital Gains Tax (CGT) payable when you sell all or part of your business. Many business owners, especially directors and shareholders of limited companies, rely on this relief to minimise the tax bill when
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The SA100 tax form is the main Self Assessment Income Tax Return required by HMRC for individuals to declare taxable income for a given UK tax year (6 April–5 April). It captures all income types—employment, self-employment, investments, pensions—along with tax reliefs, benefits, and overpayments. Summary “This paragraph explains the overall purpose of the SA100 form and what
What Is the SA100 Tax Form? Essential Self Employed Guide Read More »
A Government Gateway ID is a unique 12-digit identifier provided by HMRC (Her Majesty’s Revenue and Customs) that enables secure access to a range of UK government digital services. Whether you’re filing your Self Assessment, checking your tax account, or submitting a VAT return, your Government Gateway ID is your key to unlocking these services.
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Breaking free from the 9-to-5 grind and becoming your own boss sounds exciting, but before diving into self-employment in the UK, there’s one crucial step to take: registering as self-employed with HMRC. Understanding how to register as self employed ensures you remain compliant, avoid penalties, and take full control of your finances. Summary “Understanding registration
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Understanding National Insurance Contributions (NICs) is essential for every self-employed individual in the UK. While Class 2 NICs are often discussed, Class 4 NICs is equally important and sometimes more significant in terms of cost. In this guide, we’ll take a comprehensive look at Class 4 NICs, including who needs to pay it, how it’s
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What Is a Personal Tax Account? A personal tax account is your secure online portal provided by HM Revenue & Customs (HMRC), where you can manage your tax affairs—like income tax, Self Assessment, PAYE, state pension, child benefit, and more—in one place. Summary “A secure online portal from HMRC to manage your tax affairs.” Why
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Everyone deserves to be paid accurately and fairly for the work they’ve done. Yet sometimes, due to administrative errors, payroll delays, or changes in pay agreements, employees may not receive the correct wages. This is where back pay comes in—a legal and ethical obligation for employers in the UK to rectify past payment discrepancies. Summary
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If you’ve ever worked in payroll or run a business in the UK, you’ve likely come across the term P14 form. But what is P14 form exactly, and why does it matter for tax compliance? In this guide, we’ll break down the P14 form’s purpose, contents, and importance in HMRC’s payroll reporting system. Whether you’re
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Employment Allowance can be a valuable relief for many businesses across the UK, reducing their employer National Insurance (NI) bills by up to £5,000 per tax year. However, not every business is eligible, and it’s vital to understand who cannot claim Employment Allowance to avoid costly mistakes or HMRC penalties. This comprehensive guide explains the
Who cannot claim Employment Allowance in the UK? Read More »
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