Client pays upfront for a six-month retainer — when is that income taxed?
I run a small business in London, and one of my regular clients has just offered to pay £3,000 upfront for a six-month retainer. The retainer would cover ongoing advice and…
Accounting questions & answers
Practical answers for UK business owners and accounting professionals.
Filtering by self-assessment-2× clear
As a sole trader, can I offset my business losses against my old PAYE income?
I left my full-time design job in early 2025 and spent the year building up my freelance graphic design business from home. Between software subscriptions, a new laptop and slow…
Making Tax Digital for Income Tax - sign-up is open, who must join and when
Sign-up for Making Tax Digital for Income Tax is now open, and this is the biggest change to how self-employed people and landlords report to HMRC since Self Assessment began. If you have self-employment or property…
Autumn Budget 2026 - on 28 October: what small businesses should be watching
The Chancellor will deliver the Autumn Budget on Wednesday 28 October 2026. HM Treasury has confirmed the date and that it will be the first Budget of the Chancellor of the Exchequer, Rt Hon John Healey MP. With the…
Basis period reform is now in force - what it changed for the self-employed
HMRC's basis period reform is now in force. From the 2024/25 tax year onwards, sole traders and partnerships are taxed on the profits of the tax year itself (6 April to 5 April), not the profits of the accounting year…
Renting out my driveway for commuter parking — is that taxable income?
Hi everyone, I live near a train station, and I've been thinking about renting out my driveway for commuter parking during the week. It seems like a simple way to earn a bit of…
I made some gains on crypto this year — how are they taxed and what records does HMRC expect?
Hi everyone, I've dabbled in crypto on and off over the last couple of years — just buying and holding a bit of Bitcoin and Ethereum through an exchange, nothing fancy. This year…
Side hustle alongside my full-time job — at what point do I need to register with HMRC?
Hi everyone, I work full-time as an employee (PAYE), and I've recently started a small side business doing freelance design work in the evenings and weekends. It's still early…
Working from Spain for two months while running my UK company — will that break my UK tax residence?
Hi everyone, I'm hoping to spend a couple of months working from Spain next year — my work is mostly remote, so in theory I could keep running my UK limited company from there…
High Income Child Benefit Charge: the £60,000 threshold explained
If you or your partner's adjusted net income passes £60,000 and someone receives Child Benefit for a child living with you, the High Income Child Benefit Charge may apply (for tax years from 2024-25 onwards). You pay…
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