Simple guides for sole traders.
Helpful advice, straightforward explanations and practical tips to make running your business easier.
Whether you’re getting ready for Making Tax Digital, trying to understand your bookkeeping or looking for answers to common questions, you’ll find them here.
When Do Sole Traders Pay Tax? January, July & Payments on Account
Knowing how much tax you owe is only half the story. When does HMRC actually expect payment? Our simple guide explains the January and July Self Assessment deadlines, payments on account and why your first sole trader tax bill could be bigger than expected.
Turnover vs Profit: What’s the Difference for a Sole Trader?
Turnover and profit are two very different figures. This simple Brease guide explains what each means, how business expenses affect your profit and why understanding both can help you make better decisions as a sole trader.
First Self Assessment as a Sole Trader: How to Register
Started working for yourself? Find out when you need to register for Self Assessment, what information HMRC will need, what a UTR is and the important deadlines for your first tax return.
Do I Need to Register for VAT as a Sole Trader?
Not sure when VAT registration applies to you? We explain the VAT threshold for sole traders, how taxable turnover is calculated and what happens when your business reaches the registration limit.
What Records Do I Need to Keep as a Sole Trader?
Keeping the right business records makes bookkeeping, Self Assessment and MTD easier. Find out what sole traders should keep, how long records need to be stored and how to make staying organised simpler.
How Much Tax Should I Put Aside as a Sole Trader?
Not sure how much money to put aside for tax? We explain a useful starting point for sole traders, why your tax bill can include more than Income Tax, and how saving regularly can make Self Assessment easier to manage.
What Expenses Can a Sole Trader Claim?
What counts as a business expense when you’re a sole trader? This Brease guide explains common allowable expenses, what you can’t normally claim and why keeping accurate expense records can make managing your accounts much easier.
Do I Need a Business Bank Account as a Sole Trader?
Do you need a separate bank account when you become a sole trader? We explain the rules, why separating business and personal transactions can make bookkeeping easier, and what to consider when choosing an account.
Starting as a Sole Trader: What Do I Need to Do?
Starting your own business comes with plenty of questions. Find out what you need to do as a new sole trader, including registering with HMRC, keeping business records, preparing for tax and getting your bookkeeping organised from the beginning.
Do Sole Traders Need an Accountant?
Do sole traders need an accountant? You can manage your own accounts, but there may come a point when your time is better spent elsewhere. Find out when accounting support can help and how Brease makes it simpler.
Missed MTD? HMRC Could Sign You Up From September
HMRC plans to start automatically signing up some sole traders who should already be using Making Tax Digital. Find out what this means, what you need to check and how Brease can help get your bookkeeping MTD ready.
What Happens After Your Quarterly Update?
Your MTD quarterly update has been submitted, but what happens next? Find out what you need to keep doing, when your next update is due and how your year-end tax return fits into the new MTD process.