Are you a sole trader considering the switch to an electric vehicle (EV) for your business? It's a smart move that can not only help the environment but also offer significant tax advantages. This guide will walk you through everything you need to know about how EVs are taxed, helping you make
Top 20 Ways to Save Tax in 2024/25
Tax planning can seem daunting, but with some knowledge and the right strategies, you can significantly reduce your tax bill. This post will highlight some key tax-saving methods for the 2024/25 tax year. 1. Make the Most of Your Personal Allowance Everyone gets a tax-free personal allowance, which
Going Solo? Get Registered For Self Assessment Quickly
Starting your own business is exciting! But before you dive in, there's one key step: registering as self-employed with HMRC. This ensures you pay the right taxes. The good news? It's: Simple: The registration process is straightforward and hassle-free. One-time: You only need to register once,
Demystifying UK Payments on Account for Self Assessment: A Comprehensive Guide
Navigating the intricacies of UK tax regulations can be a daunting task, especially for self-employed individuals. One aspect that often causes confusion is the concept of payments on account, a mandatory requirement for certain self-assessment taxpayers. Fear not, for this comprehensive guide will
A guide to the Autumn Statement 2023
The headline message from the Chancellor The Chancellor delivered his Autumn Statement for Growth aimed at building a stronger and more resilient economy. He highlighted that the plan is to “unlock growth and productivity by boosting business investment by £20 billion a year, getting more people
Navigating the Tax Maze: Your Responsibilities as a Self-Employed Individual
As a self-employed individual, you enjoy the freedom and flexibility of being your own boss. However, this autonomy comes with added responsibilities, including managing your finances and complying with tax regulations. One of the most crucial aspects of self-employment is understanding and
Use Of Home Expenses – What is Allowable?
The HMRC (Her Majesty's Revenue and Customs) allows you to claim certain expenses related to the use of your home for work purposes. These expenses can be claimed as a deduction from your taxable income, which can reduce the amount of tax you have to pay. The following expenses are allowable for the
Expenses for Small Business: Reduce Tax and Boost Your Bottom Line
By understanding the types of expenses you can claim as deductions, you can effectively lower your taxable income and keep more money in your business's pocket. Office Expenses From office supplies and stationery to rent and utilities, a range of office-related expenses can be claimed. Whether
Personal Fitness Trainers – What Expenses Can You Claim?
An Overview Some statistics about personal fitness training in the UK: Allowable expenses for sole traders As a sole trader, you will incur many expenses in the course of running your business. Some of these expenses can be deducted from your taxable profits, which can help to reduce