The Nuts and Bolts of Self Employment

There are over 5 million self employed folk in the UK. Small businesses are the backbone of the British economy and represent over 15% of workforce. Whether you’re a window cleaner, a plumber, a shop owner or operate an online business, you’ve taken the brave step off the corporate ladder to be your own boss.

Recent Small Business Articles

Self employed taxes in the UK – what records do you need to keep?

Let's have a little chat about self employed taxes and record keeping in the UK. As a self employed person, ...
Read More

7 February 2023

Making Tax Digital for Income Tax – a disaster for small business?

So you know how you currently do your taxes once a year and you have 10 months to fill in ...
Read More

16 November 2022

UK small business tax rates 2022/23 – at a glance!

There's good news and bad news. Income tax rates generally aren't increasing. However as inflation steadily rises tax breaks such ...
Read More

27 February 2022

Tide bank review – updated for 2023!

As a small business owner you really need a dedicated business bank account. This can take weeks or even months ...
Read More

4 January 2023

My Tax Return for 2021/22 Tax Year

As we approach the deadline for the 2021/22 tax year, let's take a look at what UK tax returns look ...
Read More

23 November 2022

2022 Mini Budget – What does it mean for your small business?

UK chancellor Kwasi Kwarteng has unveiled what he claims are the biggest tax cuts of a generation. So how will ...
Read More

23 September 2022

Browse all public articles here or member-only content here.

Small Business Basics

Registering as self employed in the UK

Becoming self employed can be the biggest adventure of your life. You'll be your own boss and everything you do ...
Read More

Do you pay Tax on Small Earnings in the UK?

Here's a really commonly asked question, do you pay tax on small earnings in the UK? So for example income ...
Read More

Choosing a Business Name?

It may sound trivial, but selecting a good name for your business is one of the FIRST things you need ...
Read More

Do You Need a Business Bank Account in the UK?

OK, so you've picked your business name. You've sorted your domain names. You've got your social media accounts sorted. Let's ...
Read More

How Much Should I Charge?

One of the most fundamental things you need to get vaguely right before you set up any business is deciding ...
Read More

Limited company or sole trader – what’s the difference?

In the UK there are normally two options for setting up in business. You can either be a limited company ...
Read More

Thinking of becoming self employed? From invoicing customers through to picking a business name – visit this page for your checklist of essential small business knowledge.

About this Site

Welcome to the Small Business Toolbox. I’m Andy Mac and I’ve run my own small businesses for my entire adult life. This is a no-nonsense and completely independent guide to self employment and small business life in the UK.

Running a small business can be one of the most exciting experiences of your life. It all starts with being self employed and this site is here to keep you company on your self-made journey.

Important dates for 2023

CURRENT TAX YEAR: 2022/23

You are working in the tax year covering 6th April 2022 to 5th April 2023.

TAX RETURN YEAR: 2021/22

You should have submitted your tax return for the tax year covering 6th April 2021 to 5th April 2022. Absolute deadline, including payment of any outstanding tax, 31st Jan 2023.

TAX DEADLINE: 31 Jan 2023

The final deadline for your current tax return and any tax due is 31 Jan 2023 – this is for the 2021/22 tax year. It doesn’t cover deadlines for any payments on account. For more key dates and figures visit this page.

Member-Only Content

All Downloadable Spreadsheets (Members Only)

By popular demand, here's a full list of all downloadable example spreadsheets that may be useful for your small business ...
Read More

Profit Explained Spreadsheet (Members Only)

Here's the recent video all about different types of profit. You can download the spreadsheet I used underneath the video ...
Read More

Spreadsheet Example Download (Members Only)

I've just released the second part in my mini-series about learning to use Microsoft Excel. Here's the public vid: Attached ...
Read More

Tax and NI Calculator (Members Only)

Hey everyone! You may have already seen the public video all about National Insurance. Downloads If you want to play ...
Read More

Hourly Rate Calculator (Members Only)

LATEST UPDATES – Jan 2023: Figures updated for the 2022/23 tax year. Downloads in .ODS Open Document format for the ...
Read More

Pro Forma Invoice Template (Members Only)

Hi everyone! Hope you're all well and full of busy! Here's the video all about pro-forma invoices: Here's a template ...
Read More

Income and Expense Tracking Spreadsheet (Members Only)

A few of you asked for this so hopefully it will help. This is just a really simple tracking spreadsheet ...
Read More

Simple Invoice & Quote Template (Members Only)

Hey folks! Hope you're all well and business is good! Here's a sample invoice and quote template for that you ...
Read More

Become a Member

Get access to member-only downloads and other exclusive content. From invoice templates through to income trackers and more. You will also be able to post comments on articles. Remember you can cancel your subscription at any time.