Choosing the right scheme can save you time, reduce your admin burden, and in some cases, save you real money. So here’s what you need to know.

If you’re a sole trader, the words “VAT registration” can feel a bit daunting, especially when you’re not entirely sure what income actually counts toward the threshold. Get it wrong, and you could miss the point at which you’re legally required to register. Get it right, and you can plan ahead with confidence.

Totally understandable, but VAT registration isn’t based on your accounting year-end. For most UK businesses, the key test is your rolling 12-month taxable turnover.

If you pay for software to run your business, there’s a good chance it counts as an allowable business expense. The key is simple: it must be wholly and exclusively for business use (or you can only claim the business-use portion).