Step-by-step guide to closing the books for the year as a sole trader with multiple income streams

I plan tax for my clients all year, not just in the run‑up to Self Assessment. That’s because sensible, legal tax minimisation is mostly about timing, structure and making full use of allowances — not about clever (and risky) schemes. Below I share practical, day‑to‑day moves I use with UK micro‑businesses and sole traders that cut tax bills without crossing a line. These are the kind of steps anyone can incorporate into a simple...

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Keeping VAT, payroll and invoices under control doesn’t have to be a quarterly scramble. Over the years I’ve seen too many small business owners treat bookkeeping as a fire‑fighting exercise — receipts in a shoebox, bank feeds ignored, VAT returns left until the deadline. A simple quarterly routine, done consistently, prevents cashflow surprises, reduces stress and leaves you time to focus on the business. Here’s a practical,...

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I still remember the first time a client walked into my kitchen-table office clutching an HMRC penalty notice. Their face said panic; their voice said embarrassment. I’ve seen this reaction enough times to know two things: penalties themselves are usually not the end of the world, and how you respond in the immediate days after receiving a notice determines whether it becomes an uncomfortable bump or a long‑term cashflow problem.Understand...

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I work with a lot of small UK businesses—sole traders, micro‑teams and family‑run companies with fewer than ten staff—and one question comes up again and again: “Which bookkeeping tool will save me time, keep my bank transactions tidy and not break the bank?” I’ve tested, recommended and implemented accounting stacks for clients in retail, hospitality and professional services, so here’s a practical, cost‑conscious guide to...

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Hello — I’m writing from Muressaccounts Co (https://www.muressaccounts.co.uk), where I help UK micro‑businesses and SMEs get their bookkeeping and tax sorted without the panic. Over the years I’ve supported clients through HMRC compliance checks, so I want to share what HMRC typically looks for and practical steps you can take to prepare confidently. This is written for busy business owners who want straightforward actions, not...

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I work with a lot of small agencies and freelancers who operate through personal service companies (PSCs), and one question comes up more than any other: “Will IR35 affect me — and if so, how do I deal with it without losing sleep or all my clients?” This is my practical, no-nonsense guide to IR35 aimed at people who want clear steps, real examples and paperwork tips they can action straight away.What IR35 actually means for small agencies...

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I run a one‑person business and, like many solo entrepreneurs, I used to think internal controls were only for larger companies with finance teams. Over time I learned the hard way that even tiny operations can be vulnerable to simple mistakes and, occasionally, to fraud. The good news is that basic internal controls are practical, low‑cost and easy to implement — even when you’re the only person wearing every hat.Below I’ll walk you...

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Working weekends as a sole trader is often part of running a small business — especially in retail, creative services or hospitality. I regularly help clients reclaim the extra costs that come with weekend work, but I also see patterns that attract HMRC attention. In this article I’ll walk you through what you can legitimately claim, how to present the claims so they look reasonable and defensible, and practical recordkeeping tips that...

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I’ve seen plenty of panicked messages from business owners who spot a VAT mistake after submitting a return — and before you stress, most errors can be corrected without triggering heavy penalties if you act promptly and sensibly. Below I’ll walk you through how I approach VAT return errors for clients: how to assess the problem, when to amend a return, when to notify HMRC separately, and practical bookkeeping steps to fix things...

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I often get asked by clients and readers: “Which home-office costs can I actually claim, and how do I work out the amounts?” Working from home has become commonplace, but the rules for claiming home-related business expenses — and the practical ways to calculate them — still confuse many small business owners. Below I walk through what’s allowable in the UK, the two main methods to calculate relief, practical examples, record-keeping...

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