Q&A: Business/ Personal tax: What You Should Know

In this episode, were joined by Ellis Bennett, owner/director of EA Accountancy, who works with agency owners, young entrepreneurs and startups (around 400 clients) and breaks down the most common questions he hears from people building income on the side. We cover: • When you actually need to file Self Assessment (and the £1,000 trading allowance that catches people out) • What you can claim as expenses (the “wholly & exclusively” rule) + what proof HMRC will accept • VAT: the £90,000 rolling 12-month threshold, whether you need to raise prices, and how VAT really works in practice • Sole trader vs limited company: liability, how you’re taxed, and why “just DIY it” can go wrong fast • Making Tax Digital from April 2026 (what it changes + why software matters) • How to stay up to date without falling for budget “clickbait”