#TS Partners’

[lizseyi]

Almost A Third Of Sole Traders ‘Don’t Even Know About Looming Tax Deadline’ – TS Partners’

A New Year means a lot of things to a lot of people – and for many millions of people around the UK, it certainly means a requirement to file their self-assessment tax returns before the first month of 2023 is over. 

It is therefore timely that new figures have just been released, showing that many of the UK’s sole traders have serious gaps in their knowledge of their tax obligations. 

It comes on the backdrop of HM Revenue and Customs (HMRC) revealing nearly 5.7 million individuals were yet to file their self-assessment tax return for 2021-22, with less than a month to go until the 31st January 2023 deadline. 

What insights do the new figures offer into sole traders’ tax knowledge? 

The research into what UK sole traders knew about the tax they were required to pay was carried out by a card payments provider, and subsequently reported on by the LondonlovesBusiness website. 

The results will make for intriguing reading for many of those who have previously turned to TS Partners for sole trader accountancy support in Wellington, Plymouth or Newton Abbot, as well as those who are considering doing so. 

It was discovered through the survey, for example, that three-quarters (75%) of the country’s sole traders were unsure as to which tax thresholds presently applied to them. Furthermore, fewer than one in 10 (9%) of the 800 sole traders quizzed knew what could happen if they failed to pay their tax bill, with one in 50 respondents believing nothing would happen at all. 

Tax awareness varies considerably from one sector to the next 

The research involved the participating sole traders being asked various questions about their tax and savings habits, as well as questions designed to test what they knew about common VAT and tax principles applicable to businesses in the UK. Respondents were also asked which UK region they were based in, as well as which industry they operated in. 

These questions shed considerable light on what sole traders did and didn’t know about UK tax matters. When, for example, the respondents were asked what the threshold was for sole traders to pay the Higher Income tax rate of 40% (£50,271), lawyers were likeliest to know the answer, as the correct response was given by 53% of them. Retailers, meanwhile, were the least likely to know the correct answer, this being the case for a mere 13% of them. 

It was also alarming that overall, a mere three in 10 (3%) sole traders knew they needed to submit their self-assessment tax form by 31st January. Again, looking across the sectors, real estate agents performed especially badly on this score, with fewer than a quarter (23%) answering the question correctly. The best-informed group as far as this question was concerned were law professionals, although even in their case, only 42% provided the correct answer. 

One form of tax that sole traders do not need to pay is Corporation Tax; in this respect, they differ from limited liability companies. However, a remarkable 73% of the sole traders polled were not aware of this and believed they were required to pay this tax. 

Turn to accountancy and tax specialists that you can trust in 2023 

At this time when businesses and businesspeople of all kinds are under perhaps greater pressure than ever, it could hardly be more important to ensure you are on top of your responsibilities in relation to accounting, tax, and payroll. Making the right decisions now will greatly help you to achieve the results you aspire to in business throughout 2023 and into future years.

For more information about TS Partners’ sole trader accountancy support in Wellington, Newton Abbot, and Plymouth, or to learn more about any other aspect of what we do, please don’t wait any longer to enquire to us by phone or email. 

[loganslowdown4]

EVERYONE STOP WHAT YOU’RE DOING AND GO ON YOUTUBE RIGHT THE HECK NOW 😭😭

WHAT A CRAZY RANDOM HAPPENSTANCE ON A FRIDAY OH MY GOD

MY BOIIISSSSS ❤️🩵💙💜

Plus 5 Ads Across Platforms

[danderling]

Dannncing little guy from thinking skills

[bookhobbit]

I keep trying to write another post occasioned by my digging through books on white Evangelical/Fundamentalist Christian culture but it just sounds silly because I have to use the goofy-ass language they used to talk about it because that's how it was taught to me. Like if I type it out it sounds completely trivial and nonsense. I feel like, most people in the USA feel that they have a grip on this type of Christian Jargon because literally these people have been in some of the highest offices in the land for decades, and like, that's not untrue, but there's a) the way they talk now isn't the way they talked in the years I was growing up; there's been shift, b) I think it's true that many many many people outside this group do have some sense of it but there's still a lot of nuance I think is missing is you weren't raised in it, and c) the Evangelical/Fundamentalist movement is extremely fragmented and theologically diverse so what I grew up with many not apply to many other people. And I think that's one of the things that is alienating about it, and why I'm struggling to sort of shake some of the baggage, because I can't really talk about it! I could only talk about it and be understood with someone who was there. But I don't talk much to people who were there and certainly not about this.

[jasper-unofficial]

fan: "pondphuwin are very popular"

pond: "sathu" *

*buddhist affirmation

[adastra121]

Breaking News — City Newcomers Caught Failing to Break into the Senobium. No breaking and entering occurred, officially, due to the aforementioned failing, but they arrested them anyway…

A redraw of my previous drawings for the Barbie movie meme.

[bloomingkyras]

Secret meeting with his partner in crime before he went back to Britechester for Rosé graduations day.

transcript under the cut:

Zane: Did u bring the stuff?

Kendra: Yes. But I just have this with me.

Zane: It's fine for me. Here..(he gave them the money)

Kendra: Thanks.

Zane: Here..(gave them some tips too)

Kendra: Thanks. But no..I just do my work. Don't u have to go to ur girlfriend graduations? She's gonna be mad if u not there.

Zane: Alright..I have to go..See u later

Kendra: Sent my greetings to her.

[sersi]

Steve Rogers + Rogers: The Musical ↳ Spotify Template

[spoondoodles]

I blacked out and more Logince HS AU appeared on my canvas idk what happened (also ty @oatmeal-stans-the-trash-rat for some inspiration sorry it took so long to make a post about Them <3)

[smiscee]

I literally have zero time for myself it gets busier by the damn SECOND

[loganslowdown4]

Remus: I’m boreddddd

Janus: You wanna do crime?

Remus: Sure!

Patton: What?? No… no no, STOP. Don’t do that. Put that knife down. Put Roman down. STOP IT.

[the-shroobs]

Did Love Bubbles & Soul Bubbles come from your planet, or somewhere else? How did that alliance - if that's the correct term - form?

[antivan-sprig]

Can…. Can… I- I start yapping about all my silly Dellamorte dance head canons.

Because I KNOW Catarina was making both of those boys take lessons. The way she says “My grandson ♥️☺️” proves it to me. I hope that makes sense.

[karmaajr]

gng why am I acc so invisible in this household like 😭😭

mum was screaming for me to come downstairs and eat n so like, I did right?? n I walked straight past her to go to the kitchen sink to drink two glasses of water b4hand (if ykyk-)

like she deadass was looking my direction n everything?? n she walked out to the hallway n I was drinking water at the sink next to my aunt who was putting food on her plate?? n mum starts screaming my name n telling me to come downstairs n me n my aunt just look at eachother

and im like "this is the third time it's happened today :3" and she was like "I know 😭😭"

N YAAAA MY UNCLE, HER N KHALA ALL STARTED LAUGHING N IT WAS JUST SO. ugh omg 💀💀💀 like guys-

[itsgorgug]

I feel like online a lot of people will see a basic communication issue as something worth breaking up over

[not-sure-what-im-feeling]

pov: Logan teaches Remus how to build a pipe bomb.

Gonna be honest I can’t tell if this is my partner or not

Ough,,, he should tbh

Like imagine: them building a bomb together,, their hands brush as they reach for some wires at the same time,,, it’s romantic and you can practically hear careless whisper in the background,,,,