Understanding Sole Trader Taxes In The UK - Tax Return Explained

Are you a sole trader in the United Kingdom? Whether you're just starting your business or have been running it for a while, understanding how taxes work is crucial for your financial success. In this episode, I talk about what it means to be a sole trader and the responsibilities involved, the registration process with HMRC and the importance of your Unique Tax Reference number (UTR), how to calculate your profits and what you’re taxed on, a detailed look at income tax rates and National Insurance Contributions (NICs), key deadlines for filing your self-assessment tax return, and tips for keeping accurate records to simplify your tax process. If you are self employed and you want to hear about sole trader taxes in the UK, this is the right video for you. Tax return explained so you never have to worry about what to do and when to do it.. #soletraderuk #selfemployedtaxes #soletraders #taxesexplained Timestamps 00:00 Introduction 00:41 Sole traders: definition 01:16 Example No. 1 02:45 Example Nno. 2 03:15 Income tax rates for sole traders 04:15 National Insurance Contributions 05:26 Self-assessment tax return 06:22 Keeping good records 07:12 Outro Don't miss out on this episode because keeping good records and meeting deadlines is key to avoiding penalties as a sole trader. More on income tax https://www.ihatenumbers.co.uk/resources/tax-advice/Income-Tax-Explained/ https://www.ihatenumbers.co.uk/resources/tax-advice/Income-Tax/ Join the Numbers Knowhow® Community for practical business advice and motivation. Access live calls, courses, and articles to help you thrive. It’s free to join - create your account and start today. https://numbersknowhow.co.uk/community/ Check out BudgetwhizzⓇ, our online cash flow and financial planning tool that helps you get to grips with your business finances - free plan available https://numbersknowhow.co.uk/budgetwhizz/ Business Finance Coach, Storyteller and Accountant helping ambitious business owners develop and deliver their financial stories worldwide so that you make more money, increase your financial understanding, and reduce your stress and anxiety. Author of I Hate Numbers https://www.ihatenumbers.co.uk/i-hate-numbers-book/ | Podcast, I Hate Numbers | Ac| Tax|