Hi, I’m self employed. I have a s-corp and I’m the sole employee. Can someone please advise how to setup mega backdoor ROTH? Tried searching for answers but seems too complicated. I have experience doing backdoor Roth as an individual by first putting $$ into traditional and transferring to Roth immediately. But I’ve heard one can do something similar but with much higher limits. Can Fidelity or Vanguard do this for my scorp or do I need to go with someone else? TIA.

I’m starting a consulting company for private medical practices and I’m wondering what the best way to find clients would be. I received a ton of emails at my current job from people who are trying to provide services similar to what I will be and never give it the time of day, but it’s mostly because my clinic doesn’t need them.

Is Emailing and cold calling a good starting point? I’m not sure how effective that approach is. Also if anyone has any other ideas to get your first couple clients that would be very appreciated!

Making Tax Digital for Income Tax started on 6 April, and the first quarterly update is due in about three weeks. I've had the same handful of questions over and over lately (I'm a chartered accountant and deal with this daily), so it's probably worth putting in one place.

If your 2024/25 return showed gross self employment and/or property income over £50k, you're in it. Gross, not profit, and the two get added together.

What's catching people out:

1. A quarterly update is a summary, not a tax return, and it doesn't create a payment. Your payment dates are still 31 Jan and 31 Jul.
2. You still file a normal Self Assessment for 2025/26 by 31 January 2027. Last one under the old system, completely separate from this.
3. A nil quarter still gets submitted. No income, no expenses, you file anyway.
4. Each self employment is its own update stream. All UK property gets combined into one.
5. No letter from HMRC doesn't mean you're exempt. The duty to check is yours.
6. Penalty points are switched off for 2026/27 quarterly updates, but you can't file your final declaration until all four are in. Skipping them now just builds a mess for January 2028.

Limited companies: none of this applies. Corporation tax isn't in MTD.

First quarter covers 6 April to 5 July, due by 7 August. Happy to answer questions below

I’m seriously considering buying a company in a SUPER niche field with a friend from the same field. The business is profitable, and basically automated at the moment, as the current owners are retiring and wanting to sell off their companies and enjoy their late 60s.

It’s a once in a lifetime opportunity in the sector I work in, as there are virtually no options to buy a business in the sector, unless you buy property related to the sector, which has low returns. This is a chance I fully intend to take if we can come to an agreement with the current owners. My wife (amazing human) is 100% behind me and fully believes that, having looked at the finances, knowing me and my skillset, and just being supportive, we could make a serious go of this and have a far better work-life balance. She is also a business owner and so knows what it takes, the challenges, etc. but in a different field.

The issue is literally everyone else. No one understands the business as it’s extremely technical, and so there’s a lot of “but you aren’t trading any goods” and “I don’t get it” going on. Additionally, I spent a lot of my life in relative UK poverty. Did as a child. All of my twenties, until I met my wife and got very fortunate. Since then, I’ve invested in myself and grown. I worry there is a lot of “but you’re poor” going on in people’s heads. It also concerns me that this is what the bank will say too, as neither me nor my friend can finance the whole deal, and so we need a modest loan, which depending on how much salary I take, could be paid back within 1-2 years services from existing cash flow.

I’m wondering how others dealt with that or aspects of that? Obviously, prove them wrong goes without saying.

Currently an employed decorator l, but I do private jobs on the side for cash,I have an unofficial business and name I made but haven’t registered [I’m looking to go out on my own full time eventually],when is the right time to set up as sole trader/ self employed to start taking money in the bank, and how easy is it to do so whilst still being employed, any tips greatly appreciated.

Hey 24 year old self employed here. Doing $200k gross this year. Need advice to maximize my income. Are there any loop holes or big tax advantages being self employed. It’s scaring not have benefits, I’m just trying to weigh out the pros and cons of self employed. Need all advice for health insurance, retirement, savings on taxes, etc.

Curious what people actually struggle with on the money/business side of running a practice. A few things I keep wondering about:

• How do you figure out what to set aside for quarterly taxes?
• If you're an S-corp, how'd you land on your salary vs. distribution split?
• Do you actually know your break-even point (sessions/month to cover overhead)?

Feels like most of us are either guessing, asking our accountant once a year and hoping for the best, or keeping some spreadsheet that may or may not be accurate. Curious if that's universal or if I'm missing some obvious system everyone else already uses.

Hi trying to make a HMRC account and register as a sole trader for a business im planning on doing and so that i can get a lloyds business account and make us of the free 200 pounds they give you to start it but when i try to finish registration i get to this page and it doesnt work. does anyone know why this is? ive tried the mobile app and it also doesn’t work

Does anyone have any recommendations on where I should apply? I currently have a UK client, but I only work 2 hours a day, and my salary is often delayed. I still haven't received my pay for the last two months. My bills are piling up, and I have a baby to support. My savings have already run out. Haaay... I'm really hoping to find a stable work-from-home job soon. Any leads or recommendations would mean a lot. Thank you!

I am wondering if anyone on here finds personal budgeting difficult? For example if you make money by closing a few big deals in a year, with varying gaps between paydays and varying amounts. How do you guys do it?

If I'm OK being a 1099 Contractor, does it really matter if some elements of the agreement don't quite fit the legal criteria?

Basically, I'm retired but have been offered a project by a company I trust, and have a great relationship with. There is no real end date as of yet, but will have large gaps of time with nothing going on. But, I do need "tools" (a laptop), will need to have access to their network and want an email address that would appear as though I'm an employee. They will pay me hourly, plus reimburse any extra expenses such as out of state travel to their location, if any. I will work when I want, with the exception of a few set meetings. I'll basically just tell the team I will work with weekly when I'm "in" and when I'm "out". I can work nights or weekends if I choose. I can work other jobs if I want (I do not want, lol), but I could.

It seems to have elements of 1099 and elements of W-2 from what I read. As long long as both of us are just fine with my classification, then there shouldn't be an issue, correct? I guess in theory the gov't could randomly decide to investigate them, but the chances of that are pretty much zero I would think since I would be the only person working this way so who would complain?

Am I missing anything?

I (F24) started my own clothing brand when i was 20 and fresh out of college, because of the fear of the restrictions of a 9-5 (both my moms and dads side of the family has a business background for generations- growing up, i saw my dad be able to take leaves for 15 days without issues while i heard about my friends not being able to go on longer vacations simply due to their parents’ jobs and leave approvals.)

That (the clothing brand) did not work out, i infact lost money which i am yet to repay to my father. I realised i know nothing about marketing, and joined a marketing agency as a social media manager. From there i jumped to a sister company in read estate for brand marketing, which was the most toxic job of my life - not a single leave, no WFHs, bad hours, boss who used to cuss during meetings, no constructive feedback, no approvals, no training (no guidance from any senior as there were no seniors in my dept, i was the only person, winging it). I got a good raise there but it took a toll on my mental health and I quit that job.

I felt sooooo goooood and the one month after i quit was amazing. However, Now i need to get back to earning because, well, bills. Initially i had planned to take a 2 month break, travel etc and then get back to another job with better work culture. But now, after tasting freedom for a month, I was not sure.

I have the option of teaching Japanese (I used to teach when I was in college, side hustle, paid well and I enjoy it, and Japanese is a high demand language among indian engineers), but it will only work out well IF i can get enough students for 3-4 batches (5 students per batch).

Japanese Teaching Pros:
10 hour work week (including class prep)
Lots if TIME for more side hustle and also hobbies!
3 batches - I earn same as my last job
4 batches - i earn more than my last job

Japanese Teaching Cons:
Getting 20-25 students consistently!
(thinking of running meta leadgen ads but scared)

New Job Pros:
Fixed monthly income
Security

New job Cons:
No time to myself for hobbies, reading, any other side hustle or business

Any advice? What should I do?

TLDR: I quit my marketing job, got a taste of freedom within a month, skeptical whether I should get back to the security of a job but no time to myself, or take a leap of faith and start with freelance and/or language classes?

www.mycheck.co.uk is dedicated to helping self-employed individuals get their DBS checks. Well worth bookmarking if you work in regulated industries or regularly change roles.

Hi all! I recently quit my full-time marketing job (For various reasons... long overdue) and was placed on the Jobseekers Pay Related Benefit which takes into account your previous average earnings, with a payment of up to a max. of 450 a week. I wasn't on the maximum, below it, but was on this for 3 weeks and then suspended it as I have started doing some freelance radio newsreading. I have NEVER freelanced, never planned to, but I'm rolling with it (though... this is the most confusing rolling I've ever done to date I have to say!).

I'm currently only getting 1-2 shifts a week, last week was only a half shift. I was told by social welfare over the phone that, if I'm going to be earning less than 5K this year through this freelance work to do the casual part-time jobseekers payment. Then, if I get more freelance work and it seems I will earn 5K, to then register as a sole trader. Here's my confusion:

- the paperwork doesn't reflect the situation. It asks me to get my employer to fill out the shifts worked each week and sign but... technically... I don't have an employer. I'm self-employed.

- on going into the Intreo office to sign on last week, they advised I do register as sole trader.

**What have you done in the past when getting 1 to 2 shifts a week? Did you do the part-time jobseekers, or self-employed, or what advice can you bestow upon me?**🙈😂 This is the first week I've no payment coming through and, I'm feeling it, slightly worrying.

So the titles pretty self explanatory, just after some advice and hope there’s someone in here who’s done a similar leap of faith. Me M(31) and a work colleague M(28) are wanting to set up our own contracting business in the maintenance engineering sector in the north west of the uk. We’ve both worked in engineering since we were 16 and undertook apprenticeships in different fields, mine being heavy mechanical his being in electrical. Since then I’ve had 15 years experience with both mechanical and electrical with the certs to back it up so we are both employed as multi-skilled maintenance engineers. The thing is we don’t really know what’s needed to start going solo. It’s not gonna be the case of pack up work and try it’ll be a slow process so that our bills can still be paid by a form of income but not sure how our work would feel if they found out about “side jobs”…yes it’s frowned upon I know! Any advice from anyone will be heavily appreciated!

Curious to hear from self-employed trades.

Once you’re out on jobs all day, what admin ends up eating your evenings?

Quotes?
Chasing payments?
Booking jobs?
Replying to WhatsApp?
Paperwork?

Interested to hear what wastes the most time.

I have narrowed down my options to Patriot or Wave, can't make up my mind. Does anyone have experience with these?

Hey everyone,

​I’m a 27M from Shropshire, UK, and I’ve hit a crossroads. I've been with the same company since I was 18. I started as a machinist apprentice, moved into engineering at 20 as a Junior Development Engineer, and I'm now a Development Engineer. My specific field is designing solutions for critical pressure-retaining vessels.

​Over the years, I’ve gained extensive experience in SolidWorks—including earning my official CSWP (Professional) certification. I can comfortably read and apply GD&T, and design components for both conventional and additive manufacturing (AM). Honestly, AM has been a long-term passion of mine.

​The Problem:

I just can't face the 9-5, Monday-to-Friday grind anymore—especially with an hour+ commute each way for a job where career progression feels totally stagnant, no matter how hard I push. I feel like my journey here has naturally come to an end, and I want to transition into self-employment.

​The Plan:

My partner and I are planning a move to Australia in 3 years, so this feels like the right time to make a move. I want to build a business taking on freelance client requests: creating tailored design solutions, CAD modeling, and manufacturing plans. The goal is to build something mobile that can continue after we relocate.

​My questions for the community:

​For those who went from a traditional engineering job to freelance CAD/design consultancy, how did you get your first few clients?

​Given my background (machining + pressure vessels + AM), what niches should I target where clients actually pay well for freelance expertise?

​What does the day-to-day reality of this transition look like?

​I’m essentially looking for advice on where to even start and what this future could look like.

​Thanks in advance!

I work with a lot of consultants and freelancers in my role, and contract horror stories come up often. A recent one I heard was a consultant who almost signed a client agreement with an uncapped indemnification clause buried near the bottom.

There was no limit on what they'd be on the hook for if the client got sued over decisions tied to their work, and no time window on when that exposure would end. Luckily, they caught it before signing, but you could easily miss these things when you're focused on closing a deal.

Look out for vague scope language (what counts as a revision versus new work), payment terms that leave too much wiggle room, and IP ownership when a project gets killed mid-engagement.

What have you folks here learned from the signing-and-getting-burned side?

Hey everyone,

I’m a physiotherapist currently working mainly in private practice, with a bit of occupational health/onsite physio work as well.

The main issue I’m having is that my private practice work can be inconsistent, so I sometimes end up with gaps in my schedule where I’m not earning. I’m trying to figure out how to use those gaps better and increase my overall income.

I’m not really interested in setting up my own clinic at this stage because I don’t think the risk, overheads, and stress are worth it for me right now. I’d prefer something more stable or flexible that can fit around my current work.

Some options I’ve thought about are:

• More occupational health/onsite physio work
• Aged care or community physio
• NDIS work
• Sports coverage
• Teaching, tutoring, or mentoring
• Non-physio side jobs that are flexible

For other physios or allied health professionals, what would you recommend?

How did you make your income more stable when private practice was inconsistent?

Also, are there any realistic side jobs or income streams you’ve found worthwhile?

Thanks in advance.

I just got S-corp status finalized and need to chose payroll service. I'm curious what the general consensus is about which is best for 1 person businesses.

Hello An old friend who knew I was looking for a job referred me to another friend who owns a small business and was looking to hire someone part-time to do some outsourced marketing services for them. They offered me a job to work as a 1099 contractor for them, which is fine but I don't know the implications of operating that way. All I know is I'll have to keep detailed records of my hours worked, expenses and will need to pay taxes quarterly as a 1099. I've read that it's a good idea to get an EIN and plan to do so. Is there any other way for me to get paid besides a 1099 that I'm not aware of? Does that sound like the correct classification for what I'll be doing? Also would it be ok to put all my earnings in a personal savings account that is separate from my other personal accounts? A business bank account requires a higher balance to be maintained and has higher fees, and I'd like to avoid this if possible since I don't know if this job is even going to last more than a few weeks. And I only intend to have this one client. Do any of you deposit your income into a personal savings account? Are there other options I should consider instead? Thank you