Sole trader

7 02, 2020

Q&A Friday – How should I structure my small business?

By |2020-02-07T11:19:37+00:00February 7th, 2020|Business planning, limited company, Personal tax, Sole trader, Start-ups, Tax|

One of the most important decisions you will make when starting your business or when considering the legal structure of your existing business is: What is the best structure for my business? Your decision will impact the amount of tax you pay, the control you have on your business profit and how you plan to pay yourself a salary from your business.  So it is very important to take the [...]

31 01, 2020

Q&A Friday! My tax return is filed, but I can’t pay my tax bill. What can I do?

By |2020-01-31T10:23:06+00:00January 31st, 2020|Personal tax, Sole trader, Tax|

If you are a seasoned sole trader, then you will be well aware of payment on accounts, the forward paying tax for the existing tax year.  If you are newly self-employed, then check out our guide on how best to prepare for payment on accounts.  Basically, now that you have filed your tax return you are also due to pay your tax bill for the 18/19 tax year too. Top [...]

24 01, 2020

Q&A Friday! “Do I have to declare income if I sell my personal goods online?”

By |2020-01-24T09:20:39+00:00January 24th, 2020|limited company, Personal tax, Sole trader, Tax|

It's a new year and i'm having a clearout and selling my personal things at car boot sales and online via gumtree.  I am also self-employed and complete a tax return, do I need to declare the income I receive from the sale of my personal goods on my return and be taxed for it? The question you need to ask yourself is this: Is this additional income regular trading [...]

1 01, 2020

Happy New Year from Mirandus!

By |2020-01-01T07:55:21+00:00January 1st, 2020|Business planning, limited company, Personal tax, Sole trader, Start-ups, Tax|

Team Mirandus wishes you a prosperous and peaceful 202o! This is a good time of year to detox after the excessives of Christmas and New Year celebrations but also a great opportunity to detox your finances too, both personally and in your business. Are you happy with your finances? And if not, what positive changes can you make in 2020? Whether you want to achieve growth in your small business, [...]

17 12, 2019

Small Business Essential Calendar 2020

By |2019-12-17T12:04:18+00:00December 17th, 2019|Business planning, limited company, MTD, Personal tax, Sole trader, Tax, VAT|

Another year is almost over and hopefully some R&R in store for all small business owners but also a chance to get organised for 2020 and hit the ground running in January.  To save you time, we have provided the small business essential accounting and tax calendar for 2020, an early Christmas present from Team Mirandus - you're most welcome! Some of the dates may change year-to-year but the deadlines [...]

19 11, 2019

Can I claim entertainment as a business expense on my tax return?

By |2019-11-19T09:06:03+00:00November 19th, 2019|Business planning, Personal tax, Sole trader, Tax|

Business entertaining when you are self-employed or a small business could very well be a major part of your business development, helping to establish and grow your business relationships to help your small business grow and thrive.  Claiming tax relief on your entertainment is a complex and grey area, read on to find out more. […]

29 10, 2019

Your Go-To-Guide: Payment on Account for the Self-Employed and Sole Trader

By |2019-10-29T14:40:09+00:00October 29th, 2019|Sole trader, Tax|

If you have to complete a Self Assessment tax return as a self-employed individual or sole trader, the deadline for the online submission of your tax return for the previous tax year is 31 January, and this is also the date you are required to pay any tax due. On 31 January, you may also be required to pay  some tax in advance for the current tax, known as 'payment [...]

24 10, 2019

Tax allowances to consider when completing your Self-Assessment Tax Return

By |2019-10-24T08:43:38+00:00October 24th, 2019|Sole trader, Start-ups, Tax|

When completing your Self Assessment Tax Return (SA) there are other things you will need to consider in addition to your profits from self-employment, including other income such as a pension, employment or savings. There are also tax allowances and tax reliefs which you may be entitled to which could reduce your tax bill.  Here are the main tax allowances you should consider when turning your attention to your [...]

13 09, 2019

Small Businesses risk losing the Employment Allowance

By |2019-09-25T18:50:00+00:00September 13th, 2019|limited company, Personal tax, Sole trader, Tax|

Plans to remove the employment allowance from large employers could have an impact on small businesses too, according to research by the The Association of Taxation Technicians (ATT). From April 2020, the next tax year, the employment allowance, which currently gives employers a reduction in their National Insurance (NI) bill of £3,000 per annum, will no longer be available to large businesses.  The change in tax legislation means that this [...]