29th June 2020
It is a common misconception that as a student you don’t have to file a tax return, or pay any tax. However, if you are a […]
It is a common misconception that as a student you don’t have to file a tax return, or pay any tax. However, if you are a student and you carry out any self employed work (either as a sole trader, or in a partnership), you will need to file a Self Assessment tax return, just like any other person.
You will have the same Personal Allowance and National Insurance thresholds as all other individuals, regardless of whether you are a student or not.
There is further information on PAYE and holiday jobs on the HMRC website.
29th June 2020
If you file a self assessment tax return, you will have to make a Payment on Account (POA). This applied if you have tax to pay […]
21st April 2020
No. There aren’t any exceptions to this rule. It is not a business expense (whether you are an employee, limited company director or sole trader). If […]
21st April 2020
The simple answer is – yes! In fact, it can sometimes even work out more cost-efficient to use a coworking space than your home (when you […]
21st April 2020
When you set up as a sole trader, you may also decide to set up a work space at home. As long as this work space […]
14th April 2020
As a sole trader, you may think you can include all your accountancy fees as a tax deductible expense however this is incorrect. You are allowed […]
9th April 2020
You must file a Self Assessment tax return with HMRC every year if you are self employed (and earn more than £1,000) or you are a […]
9th April 2020
The easiest way is to break down the two terms: Self Employment means you are responsible for declaring your taxes, managing your business, and deciding what […]
9th April 2020
When we process your payroll you will receive a P60 after the end of the tax year. A P60 summarises the amounts you have received and […]