It's the question every sole trader asks, usually in the second half of January. When you're employed, tax disappears before your pay arrives. When you're self-employed, every penny lands in your account - and some of it was never yours to spend. The short answer is 25-30% of your profit if you're a basic-rate taxpayer, and more once you earn above £50,270. But the reason that figure looks high, and why it's still right, is the part worth understanding. This guide explains bo

Working for yourself is the easy part. Working out what you owe HMRC, when it's due, and how much to put aside is where most people come unstuck - usually because nobody ever explained the system to them in plain English. This guide does that. It covers what you're actually taxed on, the two separate taxes you pay, what you can claim, when the money is due, and the changes coming down the track. It's the hub of our sole trader series of simple explainers, so where a topic des

Self-Assessment runs on a handful of fixed dates - and HMRC's penalties for missing them are automatic, steep, and land even if you don't owe a penny. This guide sets out every deadline that matters, exactly what late filing and late payment cost you, and - if you've already slipped past a date - how to limit the damage. It's part of our series of simple explainers and sits alongside our Essential Guide to Self-Assessment for the Self-Employed, which covers who actually needs

If you’re self-employed, a landlord, or earning income outside of PAYE, then filing your annual Self Assessment Tax Return is part of the deal. But here’s the reality: most people leave it until the last minute. At ASBA Accounting, we see the same pattern every year - January panic, rushed submissions, and unnecessary stress. The truth is, completing your Tax Return early isn’t just about being organised… it can actually save you time, money, and headaches. Let’s break down w

July can often bring confusion and surprise for UK taxpayers dealing with payments on account. Following on from our recent blog post on Making Tax Digital for Income Tax Self-Assessment and what that will mean for you as a Self Assessment tax payer, this next guide in our series we'll clearly explain what payments on account are, who needs to make these payments, how they're calculated, and provide straightforward worked examples to make it simple to understand. Read on to f