This section covers the tax rules for self-employed individuals, or "sole traders". These are people who trade on their own through an unincorporated business.
These rules also apply to partners in partnerships, but partnership law is a separate issue, and partnerships can have different treatment when it comes to taxing profits and losses.
Tax planning & compliance Article Count: 22
Want to save tax but reduce tax risk? In this section you have a series of tax planning guides and compliance checklists.
What expenses can I claim? Article Count: 32
Different tax rules apply for different types of expense. These guides summarise the rules, advise you on planning points and tax-traps and with worked examples illustrate what you can and can't claim.
Expenses: different trades Article Count: 16
Looking at special rules and what expenses can different trades, professions and vocations claim.
Making Tax Digital Article Count: 8
Making Tax Digital (MTD) for Business
- VAT:
- From April 2019: most VAT registered businesses with turnover exceeding the VAT registration threshold must retain digital records and submit their VAT returns to HMRC using 'functional compatible software'.
- From April 2022: all VAT registered unincorporated business report under MTD returns.
- Income tax:
- From April 2023: self-employed businesses and landlords with business turnover above £10,000 report under MTD.
- Corporation tax:
- From April 2024: companies can start using a MTD for Corporation Tax (CT) pilot scheme.
- From April 2026: companies join MTD for CT.
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