Skip to main content

This is a new service – your feedback will help us to improve it.

  • Going self employed, already have UTR

    I recently left my staff job and am setting up as self employed. I already have a UTR as I let out a property. My company income also got processed through this. Do I need to set up a different UTR now I’m self employed? (Obviously I’d rather not as it is a pain to do ). If so, how do I go about this? A couple of other factors - I’m not expecting to have income for the next few months as I’m training. I believe I do need to register though, to get 30 hours free childcare.
  • Start up costs - tax deductible?

    I left me job in October having earned £70,000 so far in 23/24 (including the taxable part of a redundancy payment ). I am now setting up a business. Can I offset start-up costs of £10,000 against my overall income for the year? Would that be at £40,000?
  • Offsetting start up costs

    I left a company role in October . I’d earned £70,000 in 23/24 by that point. I am now starting a business as a sole trader. I launch in January My pre trading expecnses are £10,000 (they qualify as tax deductible expenses). Can I offset those start-up costs at 40% from my earnings at the company?
  • Allowable expense - higher rate tax payer

    I recently took redundancy at my job. Including the redundancy payment, I have earned £98,000 in 2023/24. I am now setting up a photograph business. If I buy camera equipment for say £10,000. Presuming I can claim this as an allowable expense, what would the saving be?
  • Redundancy / new business / pension /

    Firstly - Apologies, if this is long-winded. I don’t want to miss anything out. I took redundancy from my job in October. I am now starting up a business. I want to know about pension contributions and tax deductions on allowable expenses. Here is my expected income for 23/24: - I had earned £24k in salary until October. - The redundancy pay was £97k. (As I understand it 30k of the redundancy is tax-free leaving 67k). - I will also earn £12k in property income (which I understand I cant use as pension contribution). I currently submit this income using self assessment. So total taxable income (as I understand it ) = 24 + 12 + 67 = £103k I am looking to spend £10k in equipment related to my business (I understand the kit comes under allowable expenses). My intention is to avoid paying 40% tax, if I can, through mainly pension contributions and also equipment purchase. I would declare this in self assessment. I am intending to Spend £10k on kit as well as contributing £34.4k to pension (grossed up this would be 43k). 43 + 10 = 53. So… 103 (total pay) – 53 = 50 (threshold for 40% tax). Whilst, as I understand it, the maths stacks up, I would like to know if my plan abides by tax rules. Could you please advise? Also, Does the kit I buy need to be new in order to qualify for tax deductibility ? FYI, I have already paid tax on the work income and redundancy income. I didn’t want to muddy the waters by including that too.