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I earn less than £10,000 self-employed. Do I have to register for anything?
Yes, is the short answer. You certainly must sign up for self-assessment with HMRC if you earned more than £1,000 through self-employment. Once you register for self-assessment, you will be given a Unique Taxpayer Reference number as proof that you are a...
Should I set up as a Sole Trader for my new business?
Not necessarily, a Limited Company can result in you paying less tax and - while a Company owner might lose their business - a Sole Trader (self-employed) can lose personal assets as well! See video. If profits are below about £12,570, acting as a Sole Trader makes...
Tax on electric cars
Since April 2020, electric cars have become even more tax efficient. For example: Buying an Electric Car (as Company car) If you take £30,000 profit from a company to buy an electric car: Car cost = £30,000. Tax = nil (and annual benefit-in-kind = 1% in 2021/22 so...
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