Sole trader

How to save up to £3,000 in tax being self-employed

Changes in the way the self-employed must report tax mean sole traders could face having to pay an additional £3,000 in tax. Becoming a limited company could reduce your tax bill, says Marcin Durlak

Accounts & Tax

Freelancers could avoid tax because of IR35 loophole

Employers who wrongly classify self-employed as being outside IR35 will have to cover their PAYE and National Insurance, says HMRC, meaning tens of thousands of freelancers could avoid paying any tax at all

Sole trader

Number of self-employed falls one fifth since Covid-19

IR35 taxation changes, Brexit and Covid-19 blamed for choking off rise in self-employment

Accounts & Tax

Just nine people trialing digital tax for self-employed

This is despite Making Tax Digital for income tax being rolled out to 2.4m people in 2024, many of whom are unaware of what's happening

Advice

Should you register as a sole trader or a limited company?

Mart Abramov, CEO of TaxScouts, shares the positives and negatives of being a sole trader or a limited company, so you can make the best choice for your growing business.

Sole trader

Becoming self-employed 

Becoming self-employed could mean less income, more responsibility and working longer hours. But freedom and independence cannot be underestimated, says Margaret Wood