Tax tips

Self Assessment tax returns are a key task in every sole trader'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.

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 find the key numbers you need to fill in your tax return.

If you're new to Self Assessment, you might be surprised to see a 'payment on account' on your tax bill. This is an advance payment for next year's tax—and it can come as a surprise for new sole traders. Read our guide for everything you need to know.

The start of a new tax year is a big day in the self-employed calendar. So, in this blog, you'll find six key things you can do to ensure that the 2023/24 tax year is smooth sailing for your business.

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.

If you're a VAT-registered freelancer, you need to sign up for Making Tax Digital for VAT by April 2022. And all individuals earning more than £50,000 from self-employment or property will have to sign up for MTD for Income Tax by 2026—read our guide to find out what you need to know.

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!

HMRC's trading allowance could give you tax relief on income from self-employment and ‘side hustles’— but is it always a good idea to use it? Find out everything you need to know in this helpful guide.

Filling in your Self Assessment tax return for the first time? Don't panic! Instead, take a deep breath, and then follow our step-by-step guide to find out everything you need to know to fill out your form online or on paper. You've got this!

‍In December 2022, HMRC announced that it will be delaying the introduction of Making Tax Digital for Income Tax Self Assessment (MTD ITSA) until April 2026, and that it will also be changing the income thresholds for eligibility. 

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.

Confused about whether you need to file a Self Assessment tax return this year? You're not alone. HMRC has specific rules for each different situation, and it can quickly get confusing. Read on for our full guide to who needs to file a return.

On 17th November 2022, Chancellor of the Exchequer Jeremy Hunt made his Autumn Statement to the House of Commons. In this article, we’ve summarised everything you need to know about how it will affect you (or your clients) as a sole trader or landlord.

In his first major announcement since taking office, the new Chancellor Kwasi Kwarteng has today announced an array of changes to tax and duties in his ‘mini-budget’. But what do the changes mean for sole traders and unincorporated landlords?

Under the Construction Industry Scheme, subcontractors have a portion of their earnings deducted and sent directly to HMRC as an advance payment towards their tax bill. But the scheme can make keeping track of finances tricky for both subcontractors and their accountants—read on for more info about CIS and how Coconut can help.

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.

Making Tax Digital for Income Tax will change how sole traders keep records and declare their income from April 2026. That might seem a long way off, but it's important to be prepared—here's our guide to everything you need to know.

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.

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.

Sole traders: 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 five manageable chunks—so you can tick that job off your to-do list in no time.

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.

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.

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.

“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.

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 income has changed between tax years.

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.

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.

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.

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.

Sole traders: read on to find a list of the UK's Personal Allowance, income tax and National Insurance rates for the 2021/22 tax year.

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.

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

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.