Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual…

Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private…

HMRC is currently carrying out its annual reconciliation of PAYE for the 2025-26 tax year. Between June and November, HMRC calculates the…

Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence…

Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for…

The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of…

Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be…

Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may…

If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief…

Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need…