TPC Team
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Crunch is the online accounting service built for freelancers, contractors, and Portfolio Career pros. One mistake is all it takes, so we make your tax bulletproof with Chartered accountants and clever software. Never leave money on the table, never miss a deadline, and never risk a surprise tax bill. Don’t gamble with your tax, Crunch it!
Self Assessment has a habit of turning even the most organised portfolio professionals into last-minute detectives. Hunting for bank statements, remembering ‘that one invoice’ and wondering (again) what’s actually allowed to be deemed an expense.
To help make the process clearer (and far less stressful), we teamed up with our partners Crunch, the online accounting firm, for a webinar focused on what matters most right now: getting your return submitted right, on time and tax-efficiently – without overcomplicating it.
Missed the webinar? 👀
Pioneer members can access a recording of the session in full via their video library, but we’re giving an overview within this article to help all portfolio professionals!
Advice from expert partners
Hosted by Darren Fell, Founder of Crunch, alongside Crunch’s Senior Accountant, Joel Pout, this session enabled our members to learn, with plenty of space for questions, addressing common (and uncommon!) real-world scenarios.
The big theme: Self Assessment is ‘compliance first’, but accuracy is everything
Crunch’s core message was that a tax return is primarily a compliance exercise: you’re reporting what happened, accurately and in full. The key is to approach it methodically:
Gather your source documents before you start
Depending on your mix of income, that might include documentation to evidence:
- Employment documents (P60/P45, benefits, etc.)
- Self-employment income and expenses
- Dividends
- Dividends
- Bank interest
- Rental income and allowable costs
- Investment income and capital gains
The most important detail: use precise figures from documents, not rounded estimates. HMRC often already has data (from employers, banks and a whole host of surprising platforms), so mismatches can trigger corrections, interest and in some cases, further scrutiny.
Keep records as you go, not in January panic mode
A recurring point throughout this webinar: record keeping is no longer optional admin, it’s risk management. Accurate, timely records reduce mistakes, reduce stress, and reduce the chance of HMRC coming back later.
Deadlines and why ‘April filing’ can be a power move
The webinar revisited the familiar 31st January deadline (for online filing and paying what’s due), but the bigger strategic point was this: file early if you can, ideally soon after the tax year ends.
Submitting your return early can help you:
- Know your bill months in advance
- Plan cash flow (instead of scrambling)
- Adjust payments on account sooner (more on that below)
- Potentially earn early payment interest from HMRC
‘Pay yourself tax monthly’, so January doesn’t hurt
If you’re employed, tax is handled through PAYE automatically. But once you have self-employment income, dividends or rental profits, the tax bill can land in one lump.
Crunch’s practical suggestion: treat tax like a monthly cost.
- Forecast roughly what you’re likely to owe
- Put money aside each month into a separate pot
- Avoid payment plans unless you have to (because HMRC interest can be expensive)
This is particularly relevant for portfolio professionals whose income can fluctuate year-to-year.
Exclusive partner discounts
We’ve partnered with Crunch to offer exclusive business tools and expert advice, available only to our members.
- Free Crunch software
- A free 30-minute consultation
50% off paid plans for 6 months
Pioneer members only
Avoid these common pitfalls
Payments on account: don’t let HMRC guess your next year
If your bill is above a threshold, HMRC may require payments on account ie. advance payments toward next year’s bill, based on the assumption you’ll earn the same again.
The important nuance:
- If you know next year will be lower, you can reduce your payments on account.
- But reduce too aggressively, you risk interest on the shortfall.
Crunch reinforced that reductions should be an educated estimate, ideally with some buffer.
Losses: still submit a return, even if you made no profit
A big misconception is “I didn’t make money, so I don’t need to file.” Crunch were clear: losses can be valuable – report them so they can be carried forward to offset future profits.
In certain cases (with specific rules), losses can sometimes be used against other income (often called “sideways relief”).
This came up in our Q&A session, with someone who had early-stage expenses but no revenue yet – the guidance was to still report the loss because it can benefit you later.
HMRC Connect and why accuracy matters more than ever
A recurring (and slightly unnerving) thread: HMRC’s data capabilities.
Crunch explained that HMRC already receives information from multiple sources, for example:
- Employers (PAYE income)
- Banks (interest)
- Investment platforms (income/gains)
- Some online selling platforms (where activity looks like trading)
The message wasn’t ‘panic’, it was: don’t assume omissions will go unnoticed and don’t rely on memory when precision is possible.
In the Q&A, a member asked about ‘materiality’ (i.e. would HMRC really care about tiny amounts). The answer: they may not launch an investigation over small figures, but HMRC can still adjust returns and issue updated demands – and repeated inaccuracies can create risk.
Expenses: claim what you’re entitled to (and keep evidence)
The session covered expenses at a high level – not as a complete list, but to highlight categories portfolio professionals often miss:
- Software and subscriptions used for work
- Marketing/branding costs
- Professional insurance (e.g. indemnity)
- Training that updates existing skills (generally more straightforward than brand-new skills)
If you run a limited company, Crunch has a detailed guide on what’s typically allowable (and what’s not), including practical examples and common pitfalls.
Allowances, pensions and Gift Aid: the planning tools people forget
Crunch highlighted a few allowances that can apply in certain scenarios (e.g. small amounts of self-employment or rental income), with a key reminder that in some cases it’s either the allowance or expenses – you generally don’t claim both for the same income type.
The webinar also covered two tax tools that require action before the year ends, pension contributions and Gift Aid donations.
These can help reduce higher-rate exposure by effectively extending your basic rate band – but only if done in the relevant tax year. If you’re looking at your tax bill after the year has closed, it may be too late to use them for that year.
Sole trader vs limited company
A major strategic section of the webinar focused on why limited companies can offer more ‘levers’ than sole trader status, particularly for portfolio professionals with variable income.
Crunch explained that with sole trading, profit is profit; you’re taxed on it in that year. With limited companies, there’s often more flexibility in when and how you take money out (subject to rules), including:
- Dividend timing across tax years
- Pension planning via the company
- Potential spouse/shareholder planning (where appropriate)
- Leaving profits in the business to reinvest or draw later
This is also where the collaboration between TPC and Crunch is particularly useful: as portfolio careers grow more complex (multiple income streams, changing patterns, a mix of PAYE and self-employed work), having expert support can prevent expensive mistakes.
Crunch’s Self Assessment service is designed specifically to make filing “stress-free” – combining software with accountant review.
Q&A highlights
If you’re PAYE and sole trader, does PAYE count towards the Making Tax Digital threshold?
No – the threshold discussed was focused on sole trader and rental income/profit, not combined PAYE salary.
Can you claim professional subscriptions twice (company and personal return)?
No – it’s typically one or the other. If the limited company pays/reimburses, it’s generally claimed there (reducing corporation tax).
Is upgrading a qualification allowable training? (e.g., Level 5 to Level 7 coach)
Joel’s view: generally yes, if it’s clearly relevant to your existing trade.
Can you claim AI training if it helps your work but isn’t the “core” service?
Often yes, if it supports how you deliver your work in practice (context matters).
A final (friendly) reminder
The through-line of the webinar was reassuring: most tax stress comes from uncertainty, not from the rules themselves.
If you take only three actions from the session, make them these:
- Start early (April filing gives you options)
- Be precise (use source documents, not estimates)
- Claim confidently, but correctly (and keep evidence)
If you want a deeper dive into limited company claiming in particular, take a look at the official Crunch guide.
Keen to watch the full webinar?
Access the full video – including audience Q&A and other insights you won’t find in this article – by upgrading to Pioneer for just £5/month.
Think this sounds like the right path for you? Come along to our monthly Community Welcome Call for new members to find out what a portfolio career could look like and how The Portfolio Collective can help you take those first steps towards professional success – and don’t forget to connect with our community!
