Essential Sole Trader Tax Update

Date: 14 October 2024

In this webinar we’ll take a look at some of the recent tax changes for sole traders as well as what is coming down the line. We’ll have a practical focus, looking not just at what is changing, but what it might mean for our clients and ourselves. 

Topics covered will include: 

• Basis period reform - what has changed and what does this mean for both 2023/24 tax returns and beyond? 
• The cash basis – changes to the rules from April 2024 and who may benefit from moving to the cash basis.
• Training costs– HMRC’s new guidance on what sole traders can, and can’t get a deduction for. 
• National Insurance Contributions – what is the position now for sole traders? 
• Making Tax Digital – what is happening and how to get ready. 
• Depending on timing – relevant announcements at the Autumn Budget, or possible future announcements.

Specific learning outcomes from this session include an understanding of: 

• Which taxpayers are affected by basis period reform, and what this will mean in terms of their tax liabilities and compliance. 
• Who is now eligible for the cash basis, and which clients might want to consider making a change. 
• Whether clients can get a deduction for costs of training, when they may not have been able to in the past. 
• What National Insurance Contributions are now payable by sole traders, and how low income individuals can maintain access to the state pension. 
• What Making Tax Digital is likely to mean in terms of your clients’ record keeping and filing obligations, and what you need to do to prepare. 
• The impact of actual or expected Budget announcements on your clients.