If you are self-employed in the UK, the amount of tax you pay depends mainly on your taxable business profit, not simply the amount of money customers pay you.
For the 2026/27 tax year, running from 6 April 2026 to 5 April 2027, the standard Personal Allowance remains £12,570. Class 4 National Insurance generally starts when self-employed profits exceed £12,570, while Making Tax Digital for Income Tax is now compulsory for the first group of qualifying sole traders and landlords.
That makes 2026/27 an important year for anyone working for themselves.
This Self-Employed Tax Guide 2026/27 explains how Income Tax, National Insurance, allowable expenses, Self Assessment, VAT and Making Tax Digital work, with practical examples to help you understand how much you might owe HMRC.
Self-Employed Tax Rates 2026/27 at a Glance
For most self-employed taxpayers in England, Wales and Northern Ireland, the main 2026/27 figures are:
| Tax rule | 2026/27 figure |
|---|---|
| Tax year | 6 April 2026 to 5 April 2027 |
| Standard Personal Allowance | £12,570 |
| Basic Income Tax rate | 20% |
| Higher Income Tax rate | 40% |
| Additional Income Tax rate | 45% |
| Class 4 NIC lower profits limit | £12,570 |
| Class 4 NIC main rate | 6% |
| Class 4 NIC above £50,270 | 2% |
| Small Profits Threshold | £7,105 |
| Voluntary Class 2 NIC | £3.65 per week |
| Trading allowance | Up to £1,000 |
| VAT registration threshold | £90,000 |
| Standard VAT rate | 20% |
| First MTD Income Tax threshold | Qualifying income over £50,000 |
The Income Tax figures above apply to England, Wales and Northern Ireland. Scotland has separate Income Tax bands for earned and self-employed income.
What Does Self-Employed Mean for Tax Purposes?
Being self-employed generally means you work for yourself rather than being paid solely as an employee.
Common examples include:
- Sole traders.
- Freelancers.
- Independent consultants.
- Tradespeople.
- Online sellers.
- Content creators.
- Contractors.
- Partners in ordinary business partnerships.
A limited company director is different.
Even if you own the entire limited company and work alone, HMRC does not normally treat the company’s activities as your personal self-employment. A limited company is a separate legal entity and generally pays Corporation Tax on company profits.
A sole trader, by contrast, normally pays Income Tax and self-employed National Insurance personally on taxable business profits.
How Much Tax Does a Self-Employed Person Pay?
A self-employed person generally pays Income Tax plus Class 4 National Insurance on taxable profits.
The basic calculation is:
Business turnover − allowable expenses = taxable business profit
Your taxable profit is then considered alongside other relevant income when HMRC calculates Income Tax.
For example:
Business turnover: £60,000
Allowable business expenses: £20,000
Business profit: £40,000
The starting point for the self-employed tax calculation would generally be £40,000 rather than £60,000.
HMRC confirms that allowable business expenses can be deducted from self-employed income when calculating taxable profit.
Do Self-Employed People Pay Tax on Turnover or Profit?
Income Tax and Class 4 National Insurance are generally based on taxable profit rather than turnover.
Turnover is the total amount the business receives before expenses.
Profit is what remains after allowable business expenses and relevant adjustments.
This distinction is extremely important because other tax rules may use turnover instead.
For example:
Income Tax: usually based on taxable profit.
Class 4 National Insurance: based on self-employed profit.
VAT registration: based on VAT-taxable turnover.
Making Tax Digital thresholds: based on qualifying gross income before expenses.
Mixing these figures up can lead to missed HMRC obligations.
What Is the Personal Allowance for 2026/27?
The standard Personal Allowance remains £12,570 for the 2026/27 tax year.
This means most people can receive up to £12,570 of taxable income before Income Tax becomes payable.
However, the allowance applies across your relevant income.
You do not receive one £12,570 allowance for employment income and another £12,570 allowance for self-employment.
Example
Suppose you receive:
Employment salary: £20,000
Self-employed profit: £25,000
Your overall taxable position is considered using both income sources.
This is particularly important for people who freelance alongside a full-time or part-time job.
What Happens to the Personal Allowance Above £100,000?
The Personal Allowance starts reducing once adjusted net income exceeds £100,000.
HMRC reduces the allowance by £1 for every £2 of adjusted net income above £100,000.
The standard allowance is completely removed once adjusted net income reaches £125,140.
This creates a particularly high effective marginal tax rate between £100,000 and £125,140.
People approaching this range should consider professional tax planning before the end of the tax year.
What Are the Self-Employed Income Tax Rates for 2026/27?
For taxpayers in England, Wales and Northern Ireland, the main rates are:
| Taxable income after allowances | Rate |
|---|---|
| Basic rate band up to £37,700 | 20% |
| Higher rate £37,701 to £125,140 | 40% |
| Additional rate above £125,140 | 45% |
For someone receiving the full £12,570 Personal Allowance, this broadly means:
- No Income Tax on the first £12,570.
- 20% on income between £12,571 and £50,270.
- 40% on income above £50,270 within the higher-rate band.
- 45% once income falls into the additional-rate band.
Income Tax is marginal.
Moving into the 40% band does not mean your entire income becomes taxable at 40%.
Only the portion falling within that band is taxed at the higher rate.
What Are the Scottish Income Tax Rates for 2026/27?
Scottish taxpayers have different Income Tax bands for wages, pensions and self-employed trading profits.
For 2026/27:
| Total income with standard Personal Allowance | Scottish rate |
|---|---|
| Up to £12,570 | 0% |
| £12,571 to £16,537 | 19% |
| £16,538 to £29,526 | 20% |
| £29,527 to £43,662 | 21% |
| £43,663 to £75,000 | 42% |
| £75,001 to £125,140 | 45% |
| Above £125,140 | 48% |
Scottish taxpayers therefore need a tax calculator or adviser that applies Scottish Income Tax rather than simply using England’s 20%, 40% and 45% bands.
How Much National Insurance Do Self-Employed People Pay?
For 2026/27, Class 4 National Insurance applies where self-employed profits exceed £12,570.
The rates are:
6% on profits above £12,570 up to £50,270.
2% on profits above £50,270.
Class 4 NIC is calculated separately from Income Tax.
Do Self-Employed People Still Pay Class 2 National Insurance?
Most profitable self-employed people no longer make a compulsory Class 2 payment.
For 2026/27, if your profits are at least £7,105, Class 2 contributions are generally treated as having been paid. This protects your National Insurance record without requiring an actual Class 2 payment.
If profits are below £7,105, you may choose to pay voluntary Class 2 National Insurance.
The voluntary rate for 2026/27 is:
£3.65 per week
Voluntary contributions can be important where you need to protect entitlement to certain contributory benefits, including the State Pension.
Self-Employed Tax Examples for 2026/27
The following examples assume:
- England, Wales or Northern Ireland taxpayer.
- No other taxable income.
- Full Personal Allowance where available.
- No student loan.
- No pension adjustments.
- No other allowances or reliefs.
- Profit shown is after allowable business expenses.
| Annual profit | Income Tax | Class 4 NI | Approx. combined liability |
|---|---|---|---|
| £15,000 | £486.00 | £145.80 | £631.80 |
| £20,000 | £1,486.00 | £445.80 | £1,931.80 |
| £30,000 | £3,486.00 | £1,045.80 | £4,531.80 |
| £40,000 | £5,486.00 | £1,645.80 | £7,131.80 |
| £50,000 | £7,486.00 | £2,245.80 | £9,731.80 |
| £60,000 | £11,432.00 | £2,456.60 | £13,888.60 |
| £80,000 | £19,432.00 | £2,856.60 | £22,288.60 |
| £100,000 | £27,432.00 | £3,256.60 | £30,688.60 |
These examples use the current 2026/27 Income Tax and Class 4 National Insurance rates.
Actual liabilities can differ because of other income, pension contributions, student loans, Gift Aid, Marriage Allowance, savings, dividends and other circumstances.
Example: Self-Employed Tax on £30,000 Profit
Assume your taxable business profit is £30,000.
Income Tax
Profit:
£30,000
Less Personal Allowance:
£12,570
Taxable amount:
£17,430
Income Tax:
£17,430 × 20% = £3,486
Class 4 National Insurance
£17,430 × 6% = £1,045.80
Estimated combined liability
£4,531.80
You would retain approximately £25,468.20 after these two taxes, before considering any other personal liabilities.
Example: Self-Employed Tax on £40,000 Profit
Using the same assumptions:
Taxable amount:
£40,000 − £12,570 = £27,430
Income Tax:
£27,430 × 20% = £5,486
Class 4 National Insurance:
£27,430 × 6% = £1,645.80
Estimated total:
£7,131.80
Example: Self-Employed Tax on £60,000 Profit
At £60,000, part of your income falls into the higher-rate band.
Basic-rate Income Tax:
£37,700 × 20% = £7,540
Higher-rate income:
£9,730 × 40% = £3,892
Total Income Tax:
£11,432
Class 4 NIC:
£2,456.60
Estimated combined liability:
£13,888.60
This demonstrates why applying a simple percentage to total profit does not produce an accurate self-employed tax calculation.
What Expenses Can Self-Employed People Claim?
Allowable business expenses can reduce taxable profit.
HMRC recognises a range of qualifying business costs, including office costs, travel, staff, stock, insurance, business premises, advertising and relevant training.
Common claims can include:
- Business telephone and internet costs.
- Accountancy fees relating to the business.
- Business insurance.
- Advertising and marketing.
- Website costs.
- Software subscriptions.
- Office stationery.
- Employee salaries and employer National Insurance.
- Subcontractor costs.
- Stock and raw materials.
- Business premises costs.
- Qualifying travel.
- Professional subscriptions related to the business.
- Relevant training costs.
The expenditure must relate to the business.
If something has both private and business use, you generally claim only the business proportion.
Example
Annual mobile bill:
£720
Business use:
75%
Potential qualifying business amount:
£720 × 75% = £540
You should retain appropriate records supporting the claim.
Which Expenses Cannot Normally Be Claimed?
Paying something from a business account does not automatically make it tax deductible.
Costs that are normally disallowed can include personal expenditure, fines for breaking the law and the private element of mixed-use expenses.
HMRC also confirms that the cost of preparing and submitting your personal Self Assessment tax return is not normally an allowable business expense, although qualifying accountancy work for the business can be deductible.
Personal drawings are also not business expenses.
What Is the £1,000 Trading Allowance?
The trading allowance gives eligible individuals up to £1,000 of tax-free trading income each tax year.
If gross qualifying trading income is £1,000 or less, you may not need to report it to HMRC, although exceptions apply.
If your income exceeds £1,000, you can potentially choose to deduct the trading allowance instead of deducting actual business expenses.
You cannot normally use the £1,000 trading allowance and then deduct ordinary expenses against the same income.
Which method is better?
Suppose your trading income is £8,000.
If actual expenses are only £250, the £1,000 trading allowance may produce the larger deduction.
If actual expenses are £3,000, claiming actual expenses would normally produce the larger deduction.
Always compare both methods.
What Accounting Method Should a Self-Employed Person Use?
For many sole traders, cash basis accounting is now the standard method.
Under cash basis accounting, you normally record:
Income when you actually receive the money.
Expenses when you actually pay them.
You can choose traditional or accrual accounting instead where appropriate.
Traditional accounting records income and expenses according to when they are earned or incurred rather than simply when money moves.
Traditional accounting may be more suitable where the business is complex, carries significant stock or needs accounts prepared for lenders.
What Are Simplified Expenses?
Simplified expenses allow eligible sole traders to use flat rates for certain costs rather than calculating the exact business proportion.
They can be used for certain:
- Vehicle costs.
- Working-from-home expenses.
- Costs of living at business premises.
They are optional.
What Is the Self-Employed Mileage Rate for 2026/27?
A notable change from 6 April 2026 is the simplified mileage rate for cars and goods vehicles.
The 2026/27 rates are:
| Vehicle | Simplified mileage rate |
|---|---|
| Cars and goods vehicles – first 10,000 miles | 55p per mile |
| Cars and goods vehicles – after 10,000 miles | 25p per mile |
| Motorcycles | 24p per mile |
The first 10,000-mile rate was previously 45p.
Example
Suppose you drive 11,000 qualifying business miles.
First 10,000:
10,000 × 55p = £5,500
Remaining 1,000:
1,000 × 25p = £250
Total simplified vehicle expense:
£5,750
Once you use the flat-rate method for a vehicle, you generally need to continue using it while that vehicle remains in the business.
Do Self-Employed People Need to Complete Self Assessment?
Many do.
If your gross annual trading income exceeds £1,000, you will normally need to tell HMRC about your self-employment, subject to the applicable rules and exceptions.
Self Assessment is the system HMRC uses to calculate and collect tax that has not already been deducted automatically.
You may also need a return because of other sources of income.
What Are the Self Assessment Deadlines for 2026/27?
The 2026/27 tax year ends on 5 April 2027.
For the return relating to this tax year, the normal timetable is:
| Requirement | Deadline |
|---|---|
| End of tax year | 5 April 2027 |
| Register or notify HMRC where required | 5 October 2027 |
| Paper Self Assessment return | 31 October 2027 |
| Online return | 31 January 2028 |
| Balancing payment | 31 January 2028 |
| First payment on account for 2027/28 | 31 January 2028 |
| Second payment on account | 31 July 2028 |
HMRC’s statutory framework uses 5 October for notification, 31 October for paper returns and 31 January for online filing and payment.
Filing early does not normally mean paying immediately.
It can instead give you more time to understand your bill and manage cash flow.
What Are Payments on Account?
Payments on account are advance payments towards your next Self Assessment liability.
There are normally two instalments:
31 January
31 July
Each is usually half of the previous year’s relevant Income Tax and Class 4 National Insurance bill.
You normally do not need payments on account where:
- The previous year’s relevant tax bill was below £1,000; or
- More than 80% of your tax was already collected outside Self Assessment.
Why first-time tax bills can look expensive
Suppose your first relevant tax bill is:
£6,000
Your 31 January payment could potentially include:
Tax bill: £6,000
First payment on account: £3,000
Total January cash requirement: £9,000
Another £3,000 could then be due on 31 July.
The additional payments are advances towards the next year’s tax rather than extra tax on the previous year’s profit.
What Is Making Tax Digital for Income Tax?
Making Tax Digital for Income Tax is now operational.
From 6 April 2026, qualifying sole traders and landlords must maintain digital records and submit information to HMRC through compatible software.
The rollout is:
| Qualifying income | MTD start date |
|---|---|
| Over £50,000 in 2024/25 | 6 April 2026 |
| Over £30,000 in 2025/26 | 6 April 2027 |
| Over £20,000 in 2026/27 | 6 April 2028 |
Qualifying income broadly means gross self-employment and property income before expenses and tax, combined.
This is important because the MTD test is not based on taxable profit.
What Are the MTD Deadlines for 2026/27?
For taxpayers required to use Making Tax Digital during 2026/27, the quarterly update deadlines are:
7 August 2026
7 November 2026
7 February 2027
7 May 2027
The final 2026/27 tax return is then due by 31 January 2028.
As of 14 October 2026, the first quarterly deadline has already passed and the next standard deadline is 7 November 2026.
HMRC has confirmed that no penalty points will be issued for late quarterly updates during the first 2026/27 year of mandatory MTD for Income Tax. However, taxpayers must still complete their reporting obligations, and penalties can still apply to late annual returns or late payments.
Do You Need Special Software for Making Tax Digital?
Yes, if MTD applies to you.
HMRC requires compatible software to:
- Create and maintain digital records.
- Record self-employment and property income and expenses.
- Send quarterly updates.
- Complete the relevant year-end tax reporting.
Spreadsheets may sometimes form part of an MTD-compatible process when suitable bridging or compatible software is used, but the full workflow needs to meet HMRC’s digital requirements.
What Is the VAT Threshold for Self-Employed People?
The compulsory VAT registration threshold remains £90,000 for 2026/27.
The standard VAT rate remains 20%.
VAT registration is based on taxable turnover rather than taxable profit.
A business must therefore monitor turnover even if expenses are substantial.
Example
Turnover:
£95,000
Business expenses:
£50,000
Profit:
£45,000
Income Tax and Class 4 NIC may broadly be based on the £45,000 taxable profit.
But the £95,000 taxable turnover could trigger VAT registration.
VAT and Income Tax therefore need to be monitored separately.
Does Being VAT Registered Mean You Pay 20% More Tax?
Not exactly.
VAT is different from Income Tax.
A VAT-registered business generally charges VAT on taxable sales and may recover eligible input VAT on qualifying purchases.
The net VAT amount is then reported to HMRC.
Whether VAT affects your commercial margin depends heavily on your customers, pricing and ability to recover input VAT.
Businesses selling primarily to consumers may feel the commercial effect differently from businesses selling to VAT-registered companies.
How Long Must Self-Employed Records Be Kept?
HMRC generally requires self-employed business records to be kept for at least five years after the 31 January filing deadline for the relevant tax year.
Keep appropriate evidence such as:
- Sales records.
- Purchase invoices.
- Expense receipts.
- Bank statements.
- Mileage records.
- Payroll records.
- VAT information.
- Pension information where relevant.
- Records supporting other income entered on your return.
You do not normally send every receipt with the tax return, but HMRC can ask you to provide supporting evidence.
What Happens If a Self Assessment Return Is Late?
For taxpayers under the standard Self Assessment penalty regime, HMRC can charge:
Initial penalty: £100.
After three months: £10 per day, up to £900.
After six months: 5% of tax due or £300, whichever is greater.
After twelve months: a further 5% or £300, whichever is greater.
Separate late-payment penalties and interest can also arise.
Taxpayers within the new MTD regime can be subject to newer points-based penalty arrangements, so check which penalty system applies to your particular obligation.
How Much Should a Self-Employed Person Save for Tax?
There is no HMRC rule saying everyone should save the same percentage.
The right amount depends on:
- Profit.
- Other employment income.
- Scottish taxpayer status.
- Student loans.
- Pension contributions.
- Payments on account.
- Whether higher-rate tax applies.
- Whether your Personal Allowance is reduced.
For a straightforward basic-rate sole trader, reserving around 25% to 30% of profit may be a useful starting cash-flow habit.
This is not a substitute for an actual tax forecast.
Higher-rate taxpayers may need to set aside significantly more.
A practical approach is to transfer tax money into a separate savings account each month rather than waiting until January.
Can Pension Contributions Reduce Self-Employed Tax?
Qualifying pension contributions can provide Income Tax relief and may affect adjusted net income.
This can become particularly important where income approaches:
- Higher-rate tax bands.
- £100,000, where the Personal Allowance starts tapering.
- Other income-based tax charges.
Pension planning should be based on your personal circumstances and retirement objectives rather than tax relief alone.
What If You Are Employed and Self-Employed?
You can have PAYE employment and self-employed income at the same time.
Your employer normally deducts Income Tax and Class 1 National Insurance from employment earnings.
You may then owe additional Income Tax and Class 4 National Insurance through Self Assessment on self-employed profits.
HMRC confirms that people who are employed and self-employed can pay both Class 1 and Class 4 National Insurance depending on their circumstances.
The important point is that your Income Tax bands are generally shared across your income.
Example
Employment income:
£35,000
Self-employed profit:
£25,000
Your self-employed income does not receive a separate Personal Allowance.
Part of the additional profit may therefore fall into a higher Income Tax band.
Do Self-Employed People Pay Corporation Tax?
No, not simply because they are self-employed.
A sole trader generally pays Income Tax and National Insurance.
Corporation Tax applies to taxable profits of limited companies.
This distinction is important for company directors.
Owning a company does not make the company’s profit your self-employed income. The company and shareholder are separate for tax purposes.
Self-Employed or Limited Company: Which Is Better?
There is no universal answer.
Remaining self-employed can provide:
- Simpler administration.
- Straightforward access to business money.
- Fewer Companies House obligations.
Operating through a limited company can provide:
- Separate legal identity.
- Limited liability in many circumstances.
- Different profit extraction and pension-planning opportunities.
- Greater administrative responsibilities.
The tax comparison should consider:
- Expected profits.
- Salary requirements.
- Dividend strategy.
- Corporation Tax.
- Employer National Insurance.
- Pension contributions.
- Administration costs.
- Commercial risk.
- Future business plans.
Do not incorporate solely because an online calculator appears to show a lower headline tax rate.
Common Self-Employed Tax Mistakes to Avoid
Confusing turnover with taxable profit
Income Tax normally uses taxable profit, but VAT and MTD tests can use gross income or turnover.
Missing legitimate expenses
Failing to record qualifying expenditure can leave you paying tax on more profit than necessary.
Claiming private costs
Personal spending does not become deductible merely because you paid it from a business account.
Claiming the trading allowance and normal expenses together
The £1,000 trading allowance is generally an alternative to claiming actual expenses against the same trading income.
Forgetting payments on account
A first January bill can be significantly larger than the year’s headline tax liability.
Ignoring the VAT threshold
The VAT threshold is based on taxable turnover and should be monitored regularly.
Using old mileage rates
For 2026/27, the first 10,000 qualifying miles for cars and goods vehicles under simplified expenses use the new 55p rate.
Ignoring Making Tax Digital
MTD for Income Tax is no longer a future proposal for everyone. It is already compulsory for the first qualifying group during 2026/27.
Leaving bookkeeping until January
Regular bookkeeping makes it easier to monitor profit, VAT turnover, MTD obligations and future tax payments.
Self-Employed Tax Planning Checklist for 2026/27
Before the end of the tax year, review whether you have:
- Recorded all business income.
- Reconciled your bank transactions.
- Claimed legitimate allowable expenses.
- Removed private expenditure.
- Compared actual expenses with the £1,000 trading allowance.
- Recorded business mileage correctly.
- Checked your Class 4 National Insurance position.
- Monitored the £90,000 VAT threshold.
- Checked whether MTD applies.
- Included employment and other taxable income.
- Forecast payments on account.
- Reviewed pension contributions where appropriate.
- Kept supporting records.
- Planned sufficient cash for your January tax payment.
Good tax planning should happen during the tax year rather than after all the relevant decisions have already been made.
Frequently Asked Questions About Self-Employed Tax
How much can I earn self-employed before paying tax in 2026/27?
The standard Personal Allowance is £12,570. However, it applies to your total relevant taxable income rather than giving you a separate allowance for each job or business.
What is the self-employed National Insurance rate for 2026/27?
Class 4 National Insurance is 6% on profits above £12,570 up to £50,270 and 2% on profits above £50,270.
Do self-employed people pay Class 2 NI?
Where profits are at least £7,105, Class 2 is normally treated as paid without an actual payment. Those below the threshold may choose voluntary Class 2 contributions at £3.65 per week.
What is the self-employed trading allowance?
The trading allowance provides up to £1,000 of relief for qualifying trading income. Where income exceeds £1,000, eligible taxpayers may choose the allowance instead of deducting actual expenses.
What is the VAT threshold for 2026/27?
The VAT registration threshold remains £90,000 of taxable turnover.
Do I need Making Tax Digital in 2026/27?
MTD for Income Tax applies from 6 April 2026 to qualifying sole traders and landlords whose relevant qualifying income was over £50,000 in 2024/25. The threshold falls to more than £30,000 from April 2027 and more than £20,000 from April 2028.
When is the 2026/27 Self Assessment deadline?
For the tax year ending 5 April 2027, the normal online filing and balancing-payment deadline is 31 January 2028.
Can self-employed people claim accountancy fees?
Accountancy fees incurred for genuine business purposes can generally qualify as allowable expenses. However, HMRC states that the personal cost of preparing and submitting the Self Assessment tax return itself is not normally deductible.
Do I pay tax if my business makes a loss?
A business with no taxable profit may not have Income Tax or Class 4 National Insurance due on that trade for the year, although other income can still produce a tax liability. Genuine trading losses may also have tax-relief implications depending on the circumstances.
Can an accountant reduce my self-employed tax bill?
An accountant can help identify legitimate business expenses, reliefs, allowances and planning opportunities while ensuring your return follows HMRC rules.
An accountant cannot legitimately remove tax that is lawfully due.
Final Thoughts: Stay Ahead of Self-Employed Tax in 2026/27
Managing self-employed tax successfully is mostly about knowing the numbers before HMRC deadlines arrive.
Start with accurate turnover. Record allowable expenses throughout the year. Monitor taxable profit. Check VAT turnover separately. Budget for Income Tax and Class 4 National Insurance, and do not forget payments on account.
For many larger sole traders, 2026/27 also marks the beginning of a significant change in reporting because Making Tax Digital for Income Tax is now live.
Accfirm helps freelancers, self-employed professionals and UK business owners manage bookkeeping, Self Assessment, VAT, tax planning and Making Tax Digital requirements.
If your profits are growing, you have multiple sources of income, are approaching VAT registration or are considering incorporation, speaking with experienced sole trader accountants can help you understand your position before important tax deadlines and business decisions arise.
Important: This guide provides general information based on HMRC rules available on 14 October 2026. Tax treatment depends on individual circumstances and rules can change. Obtain personalised advice from a qualified professional before making significant tax, pension or business-structure decisions.