Self Employed - RossMartin.co.uk

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.

Essential know-how Article Count: 25

This section is for sole traders and is full of tax planning guides and tips & tools together with tax compliance checklists and our regular CPD updates.

If you are looking for general guidance covering the life of a sole trader, or are new to our site, try these:

New business: A new business? Start here
Existing sole trades: An existing sole trade? Start here

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: 18

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

Income Tax Self-Assessment (ITSA):
- From April 2024: self-employed businesses and landlords with business turnover above £10,000 report under MTD for ITSA.
- From April 2025: general partnerships join.
- From April tba: other income tax and partnerships join.
Corporation Tax (CT):
- From April 2024: companies can start using a MTD for Corporation Tax (CT) pilot scheme.
- From April 2026: companies join MTD for CT.
VAT:
- From April 2019: 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 business report under MTD for VAT.

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