Pension Planning for the Self-Employed
As a self-employed individual, securing your financial future is paramount. One of the most effective ways to do this is through pension planning. While self-employed individuals don’t have access to workplace pensions, they can still take advantage of a variety of pension options. So what are your options? Self-Invested Personal Pension (SIPP): Flexibility: Offers flexibility […]
The 2024 Budget and the Business Rate Challenge
Rachel Reeves’ 2024 Budget brought a mix of news for small businesses, particularly in relation to business rates. While some measures were introduced to provide relief, the overall burden of business rates remains a significant challenge for many. It’s important to understand the key changes to business rates Relief Extensions: Small Business Rate Relief (SBRR): […]
Can Salary Sacrifice Work for the Self-Employed
Salary sacrifice is a common financial strategy used by employees to reduce their taxable income, but the self-employed and sole traders often assume it’s not an option. But while it may not be as straightforward as it is for employees, there are creative ways to implement salary sacrifice principles to lower your tax bill. Salary […]
What is Cash Basis Accounting
For smaller firms and sole traders, simplicity is often best. That simplicity can often be compromised by terminology that seems designed to confuse. Accountants do that – but here we can simplify the language that explains how we can simplify your financial reporting. Cash basis accounting is a method of recording income and expenses when […]
Can you Claim Foreign Tax Credits
If you’re a UK resident who has paid taxes on your overseas income, you may be eligible for a foreign tax credit. This credit can help reduce your UK tax liability by offsetting the foreign taxes you’ve already paid. Which is nice. A foreign tax credit is a tax deduction that allows you to reduce […]
When Do you Need to Tell HMRC About your Side Hustle
As a self-employed individual, it’s crucial to understand your tax obligations, especially when it comes to reporting income from side hustles. Failing to declare all your relevant income can lead to penalties and interest charges. All good blogs start with a definition, so here goes: a side hustle is a secondary job or business that […]
Maximising Your Pension Contributions as a Self-Employed Individual
Being self-employed offers financial freedom, but it also places the responsibility for retirement planning squarely on your shoulders. One of the most effective ways to secure your financial future is through pension contributions. But what’s the most efficient way of doing it? The cornerstone of pension tax efficiency is the tax relief you receive. Essentially, […]
Tax Advantages to a Home Studio for Musicians
Setting up a home studio is a dream come true for many musicians. It provides the freedom to create without limitations and can be a significant investment in your career. And, pleasingly, there are also some tax advantages… The key to unlocking tax benefits from your home studio lies in establishing it as a legitimate […]
Do Simplified Expenses Work for your Business
For many small business owners and the self-employed, keeping track of expenses can be a daunting task. Receipts pile up, calculations become complex, and tax filing gets scary. This is where simplified expenses come in, offering a seemingly easier route to expense deductions. But while the expense may be simplified, choosing the right approach isn’t […]
Tax Advantages for an Author Working from Home
HMRC offers two methods for claiming home office expenses, each with its own advantages: Simplified Expense Method This is the easier option, allowing you to claim a flat rate of £6 per week (£312 per year) for all your home office expenses. No need to keep receipts, but the deduction amount may not reflect your […]
