Sole Trader

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  • money

    Using the cash basis – is it for you?

    The cash basis takes account only of money in and money out – income is recognised when received 

  • Property

    Letting a property as a furnished holiday let – is it worthwhile?

    Where a property is located in a holiday region, a consideration will be whether to let it as a furnished holiday let or on a longer-term basis.

  • MONEY losses

    What can be done with business losses?

    Where incorporation is being considered, it is usually permissible to carry forward any unused losses 

  • Tax on tips

    Is tax payable on tips?

    Broadly, their treatment will depend on how they are paid to the recipient.

  • Trading Allowance money

    Earn money from a hobby or casual work?

    This allowance may be particularly useful to those who sell items online, tutor pupils, babysit or are self-employed in another form.

  • UK Property

    Using the £1,000 property allowance doesn’t always mean you pay the least tax

    The property allowance of £1,000 was introduced from 6 April 2017. 

  • Expenses

    Tax relief for pre-trading expenses

    There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial.     

  • Unsure whether to register for the Construction Industry Scheme? Here’s what you need to know.

    Does CIS apply to me?

    Unsure whether to register for the Construction Industry Scheme? Here’s what you need to know.     

  • Limited time penalty waivers for 2020/21 tax returns.

    Limited time penalty waivers for 2020/21 tax returns

    In this article learn more about the penalty waivers being applied by HMRC in cases where the 2021/22 tax return is filed late or tax due on 31st January 2022 is paid late to help those affected by the surge in Covid-19 cases.     

  • Reporting Covid-19 Support Payments on your tax return.

    Reporting Covid-19 Support Payments on your tax return

    If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. 

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