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Can I Reduce My Payments On Account?

Under self assessment rules HMRC require a payment on account towards your tax bill in January and July each year. But what if your...

How are Payments on Account Calculated?

The concept of payments of account can be confusing and be the cause of unexpected tax bills.  Understanding how payments on account are calculated...

Sole Trader Tax: Work Out What You Need to Pay

If you are considering becoming a sole trader you must be aware of the tax implications.  As a sole trader it is your responsibility...

Can A Sole Trader Have Two Businesses?

Yes, A Sole Trader Can Have Two Businesses There is no restriction on the number of businesses a sole trader can have.  In fact it...

What is a Personal Allowance?

What is a Personal Allowance? The Personal Allowance is an amount set by the Government that you can earn before paying any tax. The Personal Allowance in...

How Much Interest does HMRC charge on Late Payment of Personal...

With the deadline for making your Self Assessment Payment on Account looming (31 July), you may be wondering what happens if you make your...

Top Tips to Budget for Your Tax Bill

January and July of each year can be stressful for freelancers and those who are self employed.  If you are one of them, you...

What is class 4 national insurance?

If you are self employed then you will generally be expected to pay Class 4 National Insurance.  The amount you pay is based on...

How Much is Class 2 National Insurance?

If you are self employed then you will generally be expected to pay Class 2 National Insurance.  It is a fixed amount, based on...

What are Payments on Account?

If you have been paying your income tax and Class 4 national insurance by self assessment then you are likely to be familiar with...

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