Accounting Blog

UK sole traders often “overpay tax” by missing allowable expenses, poor cashflow planning, or inaccurate reporting. This guide explains how Income Tax and National Insurance really work, common overpayment traps, and practical steps—better records, correct invoicing, and consistent planning—to avoid paying more tax than legally required.

Sole traders often lose profits through small, repeatable accounting mistakes like late invoicing, missed expenses, poor cash-flow planning, and tax surprises. This guide explains the most costly errors, why they happen, and how simple invoicing and bookkeeping habits can help sole traders keep more of what they earn.

Learn how HMRC penalties affect UK sole traders, from late Self Assessment filings to VAT, MTD, and record-keeping fines. Discover common causes, real costs, and practical ways to avoid penalties, improve cash flow, stay compliant, and protect your income using simple digital invoicing and tracking tools for growing businesses nationwide.

Not sure if you’re ready to file your tax return as a sole trader? This practical guide explains what “ready” really means, from income and invoices to expenses and records. Learn the key checks, common mistakes, and simple habits that make filing confident, accurate, and stress-free for self-employed professionals worldwide.

Losing receipts as a sole trader can affect tax claims, cash flow, and compliance. This guide explains why receipts matter, what to do when they’re missing, acceptable alternative evidence, and how digital tools like invoice24 help prevent future issues through smarter invoicing and record keeping for modern small businesses today.

Learn how UK sole traders can legally backdate business expenses, including pre-trading costs, HMRC rules, time limits, and common mistakes. This practical guide explains what you can claim, how far back you can go, and how tools like invoice24 simplify compliant expense tracking.

Tracking tools and equipment expenses helps tradespeople protect cash flow, price jobs accurately, and avoid undercharging. This guide explains simple, practical ways to track consumables, tools, hire, and assets, connect costs to jobs, and use clear invoicing to turn everyday spending into smarter decisions.

Sole traders often mix personal and business money, causing confusion, missed expenses, and tax stress. This guide explains simple, practical ways to separate spending, handle mixed purchases, and keep income organised. Learn how better habits and tools like invoice24 create clearer profits, easier records, and confidence in your business finances.

Tracking expenses as a self-employed professional doesn’t have to mean hours of admin. Learn how simple, job-based expense tracking protects profit, reduces tax stress, and fits real on-the-go work—using fast habits and tools you’ll actually keep up with.