Accountants for artists know how different grants, prizes and royalties are taxed, and that a kiln or camera is capital, not a simple expense for
A sole trader is a self-employed individual who owns and runs their business personally, with no legal separation between the owner and the business. Key
Taxable profit is the figure HMRC uses to calculate your tax bill. It’s almost never the same as the profit showing in your accounts. Key
National Insurance is one of those taxes that most people pay automatically: it’s a tax on earnings to fund benefits and State Pension. Try our
Outside IR35, a limited company typically puts extra money in your pocket each year; inside IR35, an umbrella company is usually the smarter, simpler choice.
An umbrella company is a UK PAYE employer that pays contractors and freelancers on temporary assignments, usually arranged through a recruitment agency. Key Takeaways 1.
You can fill gaps in your NI record by making voluntary contributions: Class 3 costs £956.80 per year in 2026/27, and each year you buy
MTD stands for Making Tax Digital. And as of things stand, you’ll need to prepare for MTD for income tax sooner or later. It’s a
Incorporation is the name given to the creation of a corporate entity, or new limited company, that is separate from an individual (sole-trader). Key Takeaways
Registering as a sole trader is free, takes around 10 minutes online, and must be done by 5 October after the end of the tax
