Tax advice

Whether you’re new to self-employment or a seasoned professional, find everything you need to know about sole trader taxes in the UK. From understanding tax codes to Self Assessment advice, we've got you covered.

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A Complete Guide To Self Assessment Tax Returns
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A Complete Guide To Self Assessment Tax Returns

Self Assessment tax returns are a key task in every self-employed person’s to-do list. In this guide, we cover everything you need to know about completing your tax return for HMRC, so you know exactly what income you need to declare.

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Making Tax Digital for Income Tax: A Guide for Freelancers
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Making Tax Digital for Income Tax: A Guide for Freelancers

Making Tax Digital for Income Tax will change how freelancers keep records and declare their income from April 2024. That might seem a long way off, but it's important to be prepared—here's our guide to everything you need to know.

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Making Tax Digital Deadlines: Explained
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Making Tax Digital Deadlines: Explained

Do you know when you need to be signed up for Making Tax Digital for VAT and Income Tax? This post contains all the important dates you need for your diary so you can be prepared well ahead of time.

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4 Habits Every Freelancer Should Adopt This Tax Year
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4 Habits Every Freelancer Should Adopt This Tax Year

Whilst the tax return for work you’re doing now may not be due for months, the beginning of the new tax year is the perfect time to build good tax habits. So, in this blog, we’ve outlined four ways you can make this tax year the easiest yet.

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7 Steps to Starting the New Tax Year Right
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7 Steps to Starting the New Tax Year Right

The start of a new tax year is a big day in the self-employed calendar. So, in this blog, you'll find seven key things you can do to ensure that the 2022/23 tax year is smooth sailing for your business.

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How Do I Sign Up For Making Tax Digital? Our Step-By-Step Guide
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How Do I Sign Up For Making Tax Digital? Our Step-By-Step Guide

If you're a VAT-registered freelancer, you need to sign up for Making Tax Digital for VAT by April 2022. And all freelancers earning more than £10,000 will have to sign up for MTD for Income Tax by 2024—read our guide to find out what you need to know.

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What is Making Tax Digital for VAT? All Your Questions Answered
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What is Making Tax Digital for VAT? All Your Questions Answered

Making Tax Digital for VAT will change the way freelancers keep VAT records and submit VAT returns to HMRC—but there's no need to panic! Here's everything you need to know to make sure you're prepared and ready to tackle MTD with confidence.

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How to Submit Your Self Assessment Tax Return in Half the Time
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How to Submit Your Self Assessment Tax Return in Half the Time

Freelancers: make “January panic” a thing of the past with our quick-start guide to doing your Self Assessment tax return. We've broken the process down into bite-sized chunks—so you can tick that job off your to-do list in half the time!

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The Key Tax Dates Every Self-Employed Person Needs in Their Diary
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The Key Tax Dates Every Self-Employed Person Needs in Their Diary

From Self Assessment deadlines to payment on account dates, we’ve listed all of the key tax dates that you need to bear in mind when you're self-employed as a sole trader. Pop them in your diary to ensure you're always on top of your finances!

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Self-Employed Tax Rates For 2022/23: Sole Traders
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Self-Employed Tax Rates For 2022/23: Sole Traders

If you're self-employed as a sole trader, here’s a summary of the key self-employed tax allowances, income tax and VAT rates, and national insurance contributions you need to know for the 2022/23 tax year.

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Spring Statement 2022: What It Means for Self-Employed People
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Spring Statement 2022: What It Means for Self-Employed People

On March 23rd 2022, the Chancellor delivered the Spring Statement to Parliament. In this blog, we’ve listed what was announced, and how each measure will impact self-employed people operating as sole traders in the year ahead.

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What’s the New Health and Social Care Levy & How Will It Affect Self-Employed People?
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What’s the New Health and Social Care Levy & How Will It Affect Self-Employed People?

The UK government has outlined plans to increase National Insurance contributions in the 2022/23 tax year, as part of the new Health and Social Care Levy. Below, we've summarised what these changes involve, and how they will affect you as a self-employed person.

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“My Dog Ate My Tax Return”: When Is It Okay Not to Submit Yours?
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“My Dog Ate My Tax Return”: When Is It Okay Not to Submit Yours?

“I had an argument with my wife and went to Italy for 5 years” is the perfect example of an excuse that HMRC *won’t* accept for a late tax return. So what does count as a reasonable excuse? And is it ever okay not to submit a tax return? We explain all in this blog.

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What Is Making Tax Digital (MTD)? The Ultimate Guide for Sole Traders
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What Is Making Tax Digital (MTD)? The Ultimate Guide for Sole Traders

Are you ready for Making Tax Digital, or still figuring out what that means? This post contains everything you need to know to prepare for the new system and simplify your tax admin—so you can focus on the stuff that really matters.

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How to Reduce Your Payments on Account
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How to Reduce Your Payments on Account

Payments on account are designed to spread the cost of the upcoming year’s tax bill, but the assumptions used to work out your payments might not be quite right if your business has been impacted by the pandemic.

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All You Need to Know About Student Loans and Employment Income for Self Assessment
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All You Need to Know About Student Loans and Employment Income for Self Assessment

If you have a student loan or income from other sources, such as employment salary or rental income, this may affect what you’ll need to pay or the tax rate applied to your self-employment income. Here's what you need to know.

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How to Complete Your Online Self Assessment Using Coconut
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How to Complete Your Online Self Assessment Using Coconut

Once you’ve got your income, expenses and any other allowances and adjustments organised in Coconut, you’re ready to fill in your tax return. You'll most likely be completing your Self Assessment online through the Government Gateway—so this article lays out what you can expect from the process.

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How to Capture Adjustments and Allowances for Your Self Assessment
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How to Capture Adjustments and Allowances for Your Self Assessment

Adjustments in Coconut are a way for you to account for any income or expenses that you haven’t already captured in your transactions. This could be extra income outside of your Coconut account, cash expenses, or work from home (WFH) allowance and mileage.

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Using Coconut to Categorise Your Transactions for Your Self Assessment
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Using Coconut to Categorise Your Transactions for Your Self Assessment

To ensure that all of the information in your Coconut tax return summary is right, it’s important to take the time to check that all of your transactions are categorised correctly. This helps us determine which transactions fall into income or expenses.

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What Is the 'Rent a Room' Scheme & How Will It Affect Your Tax Return?
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What Is the 'Rent a Room' Scheme & How Will It Affect Your Tax Return?

What is the UK's 'Rent a Room' Scheme, who can make the most of it, and do you have to declare the rental income on your tax return? We've summarised the key points in this article.

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How to Get the Right Numbers for Your Tax Return Using Coconut
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How to Get the Right Numbers for Your Tax Return Using Coconut

We know that doing your Self Assessment can be a bit overwhelming. But it doesn't have to be that way! This guide will show you how to use the Coconut app to get to the right numbers for your tax return in six simple steps.

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The £1,000 Trading Income Allowance: Explained
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The £1,000 Trading Income Allowance: Explained

Find out how the £1,000 income trading allowance from HMRC works and if you can use it with our helpful guide.

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How to Prepare for Your Tax Return
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How to Prepare for Your Tax Return

How and when to file your sell assessment form and complete you tax returns with HMRC if you're self employed or operating as a sole trader.

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Sole Trader Tax Rates For 2021/22
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Sole Trader Tax Rates For 2021/22

Take a look at the latest sole trader tax rates for the 2021/22 as well as our advice on how to prepare for the new tax year.

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Saving for Tax Survey: The Results Are In
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Saving for Tax Survey: The Results Are In

We asked 500 self-employed people how they feel about saving for tax - take a look at the results and see how Coconut can help you to save for tax soon.

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What is the VAT Cash Accounting Scheme?
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What is the VAT Cash Accounting Scheme?

Understand the VAT Cash Accounting Scheme. Who it's for, how to qualify and what it could mean for you and your business.

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Planning for Taxes as a Freelancer
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Planning for Taxes as a Freelancer

Worried about filing your taxes as a freelancer? In this article, we’ll show you how to plan ahead so you can nail your self-assessment like a pro.

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