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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:  24

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:

 

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:  9

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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