VAT is value-added tax. It’s applied to the sale of most goods and services, though certain goods and services are either exempt, or charged at a reduced rate. And unlike income tax, it’s collected by the seller. At the time of writing, the standard VAT rate in the UK is 20%. Only the most successful…
You can claim certain business expenses as part of your tax return. Only some expenses are allowable. You can read our complete guide to allowable expenses for self-employed workers. This is why it’s a good idea to keep the receipts for any purchase you make for your business. With receipts to hand, you’ll have a…
If you’re self-employed or a sole trader, do you need a business bank account? After all, you’re your own boss now. You do things on your own time, and on your own terms. So surely you can do business with your own bank account? It’s an issue many who are new to the business world…
When working out your hourly rate for contracting, what you’re really trying to work out is this: How much is your time, your energy, and your talent worth? These are difficult questions for anyone to answer. So instead, when working out your hourly rate, think in more grounded terms. Think about how many hours you…
If you’re new to the world of freelancing, you might wonder what to charge for your hourly rate. It’s a tough question. Perhaps for the first time in your life, you need to determine just how much your time is really worth. But working out your hourly rate for freelancing doesn’t have to be so…
Being self-employed means you’re your own boss. You’ll do everything on your terms, working wherever you want and whenever you want. It’s certainly not easy, but being self-employed can be immensely rewarding – not to mention profitable. This is a short guide to becoming self-employed. We’ll show you what sort of work you can do…
The Financial Conduct Authority (FCA) is one of a few bodies that regulate the financial services sector, including insurers and insurance brokers. You need FCA authorisation if you want to provide most types of financial services in the UK. When you register for FCA approval, you’ll have a choice between applying for “full” or “limited”…
Going self-employed for the first time can be nerve-wracking. There are many benefits to being your own boss. But when you’re your own boss, you have to take care of everything. So if you’re new to the world of self-employed work, how can you be sure that you’re doing everything right? This is your essential…
If you run a business, then you need insurance. You’re legally required to get certain types of business insurance. But even beyond your legal obligations, you should view business insurance as an essential safety net. Insurance guarantees that you’ll be able to bounce back from any crisis, no matter how severe or unexpected. If you…
Any contract is a legal agreement between two parties whether they are corporate or freelance contracts. They essentially make it clear just what’s expected from both parties and ensure that no party can back out of the agreement without incurring a penalty. Contracts are commonplace in most, if not all, business arrangements. But if you’re…