Reporting self-employed profits 2023-24
The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that
Do you need to register for Self-Assessment?
Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest
Class 2 and 4 NIC for the self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class
Business records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well
Newly self-employed taxpayers
Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by the 5
Self-assessment payments on account
Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during
Business records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well
Notifying cessation of self-employment
Any taxpayers that have ceased to be self-employed must notify HMRC of their change in status. There are a number of steps that must be
Self-employed NIC changes
In the recent Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This increase will see the alignment