As of April 2026 the self-Assessment MTD is to be rolled out which means that you may need software to submit 4 reports per year to HMRC as well as the Annual Tax Return.

Click the link above for more info. 

Register on the link accross.

If you are a Limited Company and wish to have a bank account then it MUST be in the companies name. 

If you are an unincorporated sole trader then you can have a bank account just in your name. Check out the Monzo link for a free business account with potential of £50 cash back. HERE!

Use of home as office; Mileage Rates; Branded Clothes; Protective Clothing; Subsistence on travel; Overnight Expenses... Generally anything that you would buy for the business that you would not be buying personally.

Ltds have a year end, normally at the end of the month they incorporated, they generally have 9 months after their year end to file their accounts and pay their corporation tax. Pay corp tax early and you get a bit of interest back as well!

Here’s a concise summary of the key taxes and schemes in the UK, along with important dates:

1. Corporation Tax

Who Pays: Limited companies on their profits.

Rate: 25% for profits over £250,000; 19% for profits under £50,000.

Key Dates:

Payment due: 9 months and 1 day after the company’s financial year-end.

Filing deadline: 12 months after the company’s financial year-end.

2. Value Added Tax (VAT)

Who Pays: Businesses with taxable turnover exceeding £90,000.

Rates: Standard (20%), Reduced (5%), Zero-rated (0%).

Key Dates:

VAT returns are usually filed quarterly.

Payment deadlines align with return submission dates.

3. Pay As You Earn (PAYE)

Who Pays: Employers deducting income tax and National Insurance from employees.

Key Dates:

Monthly PAYE payments due by the 22nd (if paying electronically).

Annual returns (P60s) issued to employees by 31 May.

4. Construction Industry Scheme (CIS)

Who Pays: Contractors deduct tax from subcontractors in the construction industry.

Key Dates:

Monthly CIS returns due by the 19th of each month.

5. Self-Employment

Who Pays: Sole traders and partners on their profits.

Rates: Income tax (20%-45%) and Class 2/4 National Insurance.

Key Dates:

Self-Assessment tax return deadline: 31 January (online).

Payment deadlines: 31 January (balancing payment) and 31 July (second payment on account).

There's not really a right answer to this, we can give you scenarios based on what you tell us and we can give you the outcomes and choose which is best. Generally though, if income is less that £30k and its your main job then sole trader is probably best, but if youre earning £10million, then company will be best , so anywhere in between. 

Theres no right answer for this. 

Buy is normally cheaper, but it hits your cash flow.

Loan/HP allows you to claim VAT and tax back on the whole amount , but you have to pay interest so costs more, butdoesnt impact on cashflow as much.

Renting means that it will not be yours to keep and it will reduce your profits, you will only get tax relief and vat reclaim on the repayments, not the cost of the vehicle.

No right answer again. 

The goverment have made us have fun with this as it depends how many employees you have earning over £5k; whether your net profit is over £50k and if you are a sole director or not plus other factors.