Knowing what you can claim is only half the battle. Claiming things you cannot, from your work suit to your lunch to your commute, is what triggers HMRC enquiries and penalties. Here are 12 expense mistakes sole traders make in 2026/27 and what the rules actually say.
A side hustle making £5,000 profit on top of a salaried job is well past the £1,000 trading allowance, so it must be declared. Depending on whether you are a basic or higher-rate taxpayer, the tax and Class 4 NI bill ranges from roughly £1,090 to £2,090. Here is the full breakdown.
On a £37,500 salary in 2026/27 you take home approximately £30,540 a year, or about £2,545 a month, after income tax and National Insurance. Add a 5% pension and it changes again. Here is the exact maths for England, Wales and Northern Ireland.
The cost of running a car goes far beyond fuel. Insurance, road tax, servicing, MOT, depreciation and finance all add up. Here is a full breakdown of what it really costs to keep a car on the road in the UK in 2026, with a method to work out your own figure.
When you start taking a defined contribution pension, you usually choose between flexi-access drawdown and uncrystallised funds pension lump sums (UFPLS). Both let you access your 25% tax-free cash, but they work differently and suit different goals. Here is how to choose in 2026/27.
Vehicle Excise Duty changed significantly in April 2025, ending the exemption for electric cars and reshaping the rates for everyone. Here is what UK drivers pay in 2026, including the standard rate, first-year rates and the expensive car supplement.
You only have to register for VAT once turnover hits 90,000 pounds, but you can register voluntarily before then. For some businesses it reclaims thousands in input VAT; for others it adds 20% to prices and scares off customers. Here is how to decide in 2026/27.
Most accountants point to a profit somewhere around 30,000 to 50,000 pounds as the tipping point where a limited company starts to save tax. But profit is only one factor. Here is how to judge the right moment to incorporate in 2026/27, beyond the headline numbers.
Regular military pay is subject to standard PAYE, but there are important differences: Council Tax exemption when on active deployment, Operation Allowances (tax-free), and the AFPS military pension. Here's what service personnel need to know.
The buy-to-let tax landscape has changed dramatically since 2017. Section 24, the 5% SDLT surcharge on second homes, and the scrapping of Furnished Holiday Lettings relief in April 2025 have made residential property investment more expensive. Here's a complete update for 2026.
About 400,000 homes in England are estimated to be in the wrong council tax band. Successfully challenging your band can save £300-£800 per year and get a backdated refund. Here's how to do it.
HMRC charges interest on late tax payments at the Bank Rate plus 2.5%. In 2026 that means approximately 7.0% interest per year. Here's how much you owe and how to stop the clock.
