Could simplified expenses save you time and money?
Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual expenses.
The system can save time and make record
Business expenses when costs have a private element
Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can
Received a P800 from HMRC?
HMRC is currently carrying out its annual reconciliation of PAYE for the 2025-26 tax year. Between June and November, HMRC calculates the Income Tax paid by individuals and checks whether the correct
Evidence required to support business expense claims
Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence to support the costs
Is your business eligible to use cash basis accounting?
Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for self-assessment in a straightforward manner.
The cash basis
Making the most of the £1,000 property allowance
The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of up to £1,000 a year against gross property income, meaning
Claiming the correct tax relief for work mileage
Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount,
Averaging profits if income fluctuates
Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by
Tax relief if replacing tools or equipment
If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric
Do you need to pay tax on money received from family?
Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need to pay tax on it. In most cases, the person receiving a gift does not
