Knowledge hub

Find out everything you need to know about running a business as a sole trader in the UK. From starting a business to knowing your tax rates and completing your self-assessment, we’ve got you covered.

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The £1000 trading allowance
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The £1000 trading allowance

Find out how the £1000 income trading allowance from HMRC works and if you can use it with our helpful guide.

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Preparing for your tax return
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Preparing 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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Reducing your payments on account
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Reducing 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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Making Tax Digital for Income Tax - what is it and how does it affect sole traders?
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Making Tax Digital for Income Tax - what is it and how does it affect sole traders?

As part of HMRC’s Making Tax Digital, sole traders will soon be required to complete 4 tax submissions per year instead of 1.

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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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Start the new tax year right
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Start the new tax year right

6th April marks the first day of the new tax year. Here's everything you need to know to start the new tax year off right.

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Covid-19 scams to watch out for - and how to protect yourself
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Covid-19 scams to watch out for - and how to protect yourself

We want to help you protect yourself against Covid-19 fraud. Here’s what you need to be aware of and what to watch out for.

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Budget 2021: Financial support available for self-employed people
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Budget 2021: Financial support available for self-employed people

The SEISS has been extended until September, and there has been one significant change for the better. The grant has been extended to ~600,000 people who were previously excluded by including those who filed a 2019/20 Self-Assessment tax return by midnight 2nd March.

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Setting up your business so you can save too
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Setting up your business so you can save too

Saving can often be an afterthought when you're freelancing and have a fluctuating income. But it doesn't have to be - discover some money saving habits in this article.

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How will Brexit impact freelancers?
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How will Brexit impact freelancers?

With January around the corner, here are some tips for everyone in the self-employed and freelance community to prepare for a deal or no deal brexit.

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Self-assessment countdown: 2 months to go
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Self-assessment countdown: 2 months to go

The clock is ticking as we continue to countdown to the self-assessment deadline at the end of January. Here's some advice to help you along the way.

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UK lockdown: updates to financial support
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UK lockdown: updates to financial support

With November's lockdown already upon us, we've put together a list of the latest government updates to make sure you can navigate your way through it.

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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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Self-Assessment Countdown
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Self-Assessment Countdown

With just under three months until self assessments are due, find out what you need to take into consideration in our latest blog.

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Coronavirus business loans - we’ve teamed up with Swoop to help Coconut customers find and apply for funding
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Coronavirus business loans - we’ve teamed up with Swoop to help Coconut customers find and apply for funding

Covid-19 support for self-employed people: Bounce Back Loans. And we've teamed up with Swoop to help you navigate the application process.

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Sole trader tax rates for 2020/21
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Sole trader tax rates for 2020/21

As the end of the tax year approaches, we guide you through the rates you might need to pay so there are no surprises on the day you submit your tax return.

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Covid-19: SEISS Q&A
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Covid-19: SEISS Q&A

Our answers to the big questions we've had about the Self-Employed Income Support Scheme from our customers and the wider self-employed community.

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Coconut's guide to effortless expenses
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Coconut's guide to effortless expenses

Here's our quick guide to effortless expenses to make sure you're not missing out on key tax savings.

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A summary of self-employed tax rates for 19/20
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A summary of self-employed tax rates for 19/20

The tax rates will change depending on whether you are a Sole Trader or a Limited Company. We’ve tried to make this easy to understand with a summary.

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What will Brexit mean for self-employed business owners?
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What will Brexit mean for self-employed business owners?

The new prime minister is here. Brexit is on the way. But what does it all really mean for self-employed business owners?

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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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Sole trader tax rates 19/20, know your numbers
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Sole trader tax rates 19/20, know your numbers

As the end of the tax year approaches, we guide you through the rates you might need to pay so there are no surprises on the day you submit your tax return.

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Sole Trader or Limited Company? Working out what’s best for you.
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Sole Trader or Limited Company? Working out what’s best for you.

We take a look at the pros and cons of being a sole trader or a limited company so you can work out what's best for you and your business.

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3 Reasons to Separate Your Business Expenses from Your Personal Expenses
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3 Reasons to Separate Your Business Expenses from Your Personal Expenses

Read this short article on how to save your self-employed business time and money by separating your business expenses from your personal expenses.

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The pain of dealing with late payments
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The pain of dealing with late payments

The self-employed population contributes £271 billion to the UK economy - so why are so many still getting messed about when it comes to getting paid?

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The Top 5 Business Expenses You Didn't Know You Could Claim
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The Top 5 Business Expenses You Didn't Know You Could Claim

Time for your annual tax return for HMRC? We’ve created a list of the top five business expenses most commonly overlooked.

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Elaine Clark chats about how to reduce your accountancy fees
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Elaine Clark chats about how to reduce your accountancy fees

Elaine Clark is the founder of Cheapaccounting.co.uk and all-round self-employed and small business accounting specialist. She gives her top tips on how to keep your accounting costs low.

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Riddles and Receipts: Tips for the New Tax Year
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Riddles and Receipts: Tips for the New Tax Year

What does a new tax year have in store for 2017? Tax is going digital, but basic things are still causing confusion. Here's some tips to help.

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How the 2017 Budget Will Affect Self-Employed
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How the 2017 Budget Will Affect Self-Employed

Hammond’s 2017 budget demonises the self-employed. You may be paying more in national insurance, but it’s the sentiment that’s terrifying.

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Choosing your Freelance Rates
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Choosing your Freelance Rates

What’s your day rate? It's a question freelancers get asked every day, but a surprisingly hard one to answer. Here are some of the top tips that we learned.

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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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“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?

When is it okay for a freelancer not to submit a tax return? Is a wasp a good excuse? Are HMRC heretics? Find out in this instalment of the Coconut blog.

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Sole-trader pensions: will you be ready for a life free of work?
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Sole-trader pensions: will you be ready for a life free of work?

Freelancers lack the support structure to guide us through the complexity of retirement saving. This article takes the mystery out of sole-trader pensions.

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Can I ever own a home as a freelancer?
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Can I ever own a home as a freelancer?

Can I get a mortgage as a freelancer? Yes. Will it be easy? No. But that’s not an exclusive issue for the freelancer demographic.

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How to deal with a client who doesn’t pay on time
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How to deal with a client who doesn’t pay on time

Most freelancers experience a client who doesn’t pay on time, especially those just starting out. So how do you deal with these clients?

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What does Brexit mean for freelancers?
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What does Brexit mean for freelancers?

Everyone is asking, what happens now? Do freelancers need to worry, or does Brexit provide an opportunity for flexible workers?

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Registering as self-employed
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Registering as self-employed

If you're going self-employed, here's how and when to register as self employed or as a sole trader with HMRC.

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