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Category: Sole Trader

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How to close down your self-employed business

How to close down your self-employed business When you’re self-employed, you’re the workforce, the business and the boss all rolled into one. This can be a brilliant set-up for many self-employed people, but if your plans change and you decide to wind up the business, there are certain things you need to plan for and…
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Self Employed Income Support Scheme (SEISS) – Grant 5

Self Employed Income Support Scheme (SEISS) – Grant 5 Claims for the fourth SEISS grant have now closed and hot on the heels of this is the guidance for the 5th grant.   Claiming the fifth SEISS grant  The claims window for the fifth grant will open from late Ju‌‌ly and from mid-July HMRC will contact taxpayers…
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The Most Dangerous Accounting Mistakes For Your Small Business

The Most Dangerous Accounting Mistakes For Your Small Business Starting your own business is an amazing thing to do but it’s also notoriously risky. There’s a lot to think about when you first start out on your own and it can be tempting to put accounting on the back burner, but that would be a…
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Expenses for Sole Traders

Self Employed Expenses What are allowable expenses? Essentially expenses are costs that you’re able to deduct from income to calculate your taxable profits. For example, if you earn £40,000 in a year and can offset £10,000 in expenses during the same period you will pay tax on £30,000. This would be your taxable profit. Allowable…
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Self Employed Income Support Scheme – New Grants

Self Employed Income Support Scheme – New Grants At the Budget it was confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open…
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Budget 2021

Budget 2021 So today (3rd March 2021) the Chancellor has released his 2021 budget. Here are the details as announced so far with more to come over the next few days. If you prefer your updates by video click the play button below. The Furlough Scheme He has announced that the Job Retention Scheme, otherwise…
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Government Assistance – Lockdown 3

The Chancellor Rishi Sunak has unveiled some brief plans with regards to extra financial support after yesterday’s lockdown news: – Businesses in the retail, hospitality and leisure sectors will receive up to £9,000 per property in one-off grants as follows: – £4,000 for businesses with a rateable value of £15,000 or under – £6,000 for…
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VAT or Income Tax Deferred due to Covid 19 and due in January 2021

VAT or Income Tax Deferred due to Covid 19 and due in January 2021 At the beginning of the coronavirus pandemic, the government gave individuals and  businesses the option to defer, until 2021, payments of Income Tax due by 31 July 2020 and VAT due in the period 20 March to 30 June 2020. This…
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Self Employed Income Support Scheme (SEISS) – New Guidance for next claim

Self Employed Income Support Scheme (SEISS) – New Guidance for next claim With the scheme now extended HMRC have issued somenew guidance and rules around who can claim, what records must be kept and how to make your claim. If you were not eligible for the first and second grant based on the information in…
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Self Employed Income Support Scheme – Extension

Self Employed Income Support Scheme – Extension The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021. Who can claim To be eligible for the Grant Extension self-employed…
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