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Accounts & Expenses

Keeping on top of your accounts is a key part of running a small business.

In this section you’ll find practical guides on recording expenses, tracking your income and expenditure, choosing accounting software, and keeping proper records for Self Assessment.

We also explain how accounting rules are changing under Making Tax Digital (MTD). From April 2026 many sole traders will need to keep digital records and submit updates to HMRC using compatible software. You can learn more in our guide to Making Tax Digital for the self-employed.

Whether you manage your bookkeeping yourself or hire an accountant, understanding how small business accounts work will save you time, money and stress.

Accounting software and accountants

  • Find the best self-employed accounting software
  • Why accounting software is essential for MTD filing
  • Accounting software vs spreadsheets
  • Do you need an accountant if you’re self-employed?
  • Compare sole trader accountants
  • How to switch accountants as a sole trader

Bookkeeping and records

  • Bookkeeping basics for small businesses
  • Accounting deadlines every self-employed person should know
  • A beginner’s guide to self-employed accounts
  • What counts as turnover?

Claiming business expenses

  • What expenses can you claim as a sole trader?
  • How simplified expenses work
  • Claiming home office expenses
  • Mileage allowance explained
  • Travel expenses for sole traders
  • Training expenses explained
  • Equipment and tool expenses

Invoices and payments

  • Free invoice templates for sole traders
  • Setting payment terms for clients
  • What to do if a client doesn’t pay
  • Using a debt recovery service
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How to value a business, from earnings multiples to asset valuation. Includes guidance for small firms and sole traders, plus factors that influence price.
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Business owners warned as HMRC cracks down on personal expense claims

August 15, 2025
HMRC is cracking down on personal expenses claimed as business costs in Self Assessment returns. See what you can claim and the mistakes to avoid.
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Simplified expenses – how to claim flat-rate business costs as a sole trader

August 14, 2025
Practical guide to HMRC simplified expenses for sole traders, with flat rates, examples, and links to related tax guides.
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How to invoice as a sole trader – with VAT and non-VAT templates

August 7, 2025
Learn how to write an invoice as a UK sole trader, what to include, and how to handle VAT if needed - plus download free templates to get started.
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15 smart questions to ask before choosing an accountant

August 6, 2025
Thinking of hiring an accountant? Here are 15 smart questions to help sole traders choose the right one - plus tips on fees, software, and switching.
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What payment terms should I use when invoicing clients?

August 5, 2025
Setting the right payment terms helps you get paid faster. Learn what terms to use, how to handle big clients, and what UK law says about late payments.
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Chasing unpaid invoices as a sole trader: practical steps and your legal rights

August 5, 2025
Unpaid invoice? This guide for UK sole traders explains how to chase late payments, what the law says, and what to do if a client still doesn’t pay.
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Can I backdate business expenses before I registered as self-employed?

August 1, 2025
Can you claim business expenses before registering as self-employed? Find out what HMRC allows, the time limits, and how to record pre-trading costs.
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Mileage allowance for sole traders: HMRC rules and rates (2026/27)

July 31, 2025
G-uide to mileage allowance for sole traders in 2026/27 – including HMRC rates, what journeys qualify, how to keep records, and the best tracking tools.
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Home office expenses for the self-employed: what you can claim

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Self-employed and working from home? Learn how to claim household expenses, including rent, utilities, and simplified flat rates.
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