Self-Employed – Are your business records in order?

As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep

Advising HMRC of change in circumstances

If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.

You should notify HMRC if you get married or

Claiming tax relief on business insurance

If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits,

Salaried members of LLPs

Members of a Limited Liability Partnership (LLP) are normally treated as self-employed for tax purposes. However, special rules can apply where a member’s terms of membership are more akin to the

Landlord tax and National Insurance considerations

When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.

For individuals, the first £1,000 of

Meaning of trade for tax purposes

The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an activity is a genuine business or simply a personal hobby. While the