Running a successful business can bring an unexpected tax responsibility: VAT registration. If your sole trader business is growing, you need to monitor your turnover carefully. Once your taxable turnover exceeds the VAT registration threshold,…
You complete a £5,000 project in March but your customer does not pay until May. Should you include the £5,000 in your current tax return or wait until the money reaches your bank account? The…
Making Tax Digital is changing how sole traders report their income to HMRC. Instead of relying solely on an annual Self Assessment tax return, affected self-employed individuals must maintain digital records and submit regular updates…
How much National Insurance does a sole trader pay in 2026/27? The answer depends on your annual taxable business profits, your age and the National Insurance thresholds that apply to self-employed individuals. Unlike employees, who…
