Terms you've maybe heard of, but aren't exactly sure what they mean? Or just looking for specific resources related to this term? It's all here, constantly updated.
a client leading you on, with potential offers of work, but never signing the contract.
Tax you pay on business profits, when registered as a limited company.
An individual working in self-employment, providing services to a client on a project by project basis.
FSCS protects customers of financial services firms that have failed, to help keep your business funds safe.
being ignored by a client, despite having things to resolve.
HM Revenue & Customs (HMRC) is the tax authority of the U.K. government.
A UK government initiative to digitize tax reporting, requiring businesses and individuals to use software to submit tax returns online.
The Information Commissioners Office (ICO) is the UK's data privacy watchdog.
Tax due payable to anyone earning over a certain income in the UK, and the primary tax you'll pay when you're self-employed
Tax law designed to level the amount of tax paid by those in employment and self-employment.
A limited company is one of the legal formations of a business in the UK. Whilst you're not technically self-employed if you're a limited company director, many sole-owners of limited companies describe themselves as self-employed.
National Insurance is a tax on earnings and self-employed profits. There are different types of National Insurance, you'll need to understand the differences.
An independent body, set up to help small businesses deal with late paying larger companies.
Paying your income tax in advance, as is mostly commonly required by the self-employed.
The process of calculating and reporting your income and expenses to HRMC each year, rather than being taxed at source.
A sole trader is considered to be ‘self-employed', and is the singular owner of a business, entitled to keep all profits but liable for all losses.
Universal Tax Reference - a unique identifier for you, when you're completing your Self Assessment tax return.
Value Added Tax, additional tax you'll be charging your customers and liable to pay to HMRC, when your turnover is over £90,000