Choosing the right structure for your business affects how you pay tax, your legal responsibilities, the amount of paperwork you must handle, and the level of financial risk you carry.

If you earn income outside of a traditional PAYE salary, such as from self-employment, rental properties, or investments, you will likely need to complete a Self Assessment tax return.

Making Tax Digital (MTD) is now a reality for sole traders across the UK. If your income exceeds the threshold, you will need to start reporting your earnings to HMRC more frequently and digitally.

Making Tax Digital is a government initiative designed to modernise the UK tax system. This change aims to make tax administration more efficient and reduce errors.