Sole Traders

You can run a perfectly profitable business and still find yourself short of cash. In fact, a growing business can sometimes feel more cash-hungry than one that isn’t growing at all.

For the first time in 15 years, HMRC has increased its Approved Mileage Allowance Payment (AMAP) rate for employees and business owners using their own vehicles for business travel. The change, announced by the Chancellor, Rachel Reeves, means that many businesses, employees and self-employed individuals will be able to claim more tax-free mileage expenses from the 2026/27 tax year onwards. In this article, we explain what has changed, who is affected, and how much additional

This guide walks you through what being a sole trader actually means, its genuine advantages, its real drawbacks, and some important recent changes to tax rules that every sole trader needs to be aware of in 2026 and beyond.