Can I Apply for Gross Payment Status?

If you’re a subcontractor in the construction industry, then the contractor you work for will normally take CIS deductions from your pay each month, and pay these towards your income tax and National Insurance. In some cases you can opt to handle your taxes independently without the contractor making CIS deductions, but only if you…

How Do I Register as a Sole Trader?

Making the move from employment to self-employment can feel overwhelming, but you’re in good company. There were a reported 3.1 million sole traders in the UK at the beginning of 2022. And these figures are continuing to grow! We’re going to look at the most frequently asked questions surrounding sole traders. Including: What is a…

What Records Should I Keep for IR35?

Contractors are an important part of both the private and public sectors, contributing more than £300bn to the UK economy every year, and covering a range of roles, from HGV drivers to bricklayers, architects to accountants, and engineers to plumbers, to name just a few. IR35 was introduced to help minimise the risk of tax…

How do self-employed people pay tax?

How Do Self-Employed People Pay Income Tax?

As the saying sort of goes, paying tax is pretty much inevitable, whether you’re employed, self-employed, or earning money from a side hustle or as a landlord. The money you earn from an employer is usually taxed at source, which means that your employer deducts the right amount of tax and National Insurance on your…

Do You Know How Much You Can Afford for your Self-Employed Pension

Do You Know How Much You Can Afford for your Self-Employed Pension?

Pension planning isn’t always top of most self-employed people’s priorities, but we can all benefit from making some extra provision for our later years. Often, self-employed people will say that their business is their pension but that doesn’t always work out. Imagine if you invested in a Blockbuster franchise in the 1990s; you’ll be a…