- Register as a self-employed with HM Revenue & Customs within 3 months of your setting up
- Pay Class 2 National Insurance contributions (£2.85/week for 2017/2018). HM Revenue and Customs (HMRC) will send you a bill by the end of October – call the newly self-employed helpline if you don’t get one. You make Class 2 National Insurance contributions if you’re self-employed to qualify for benefits like the State Pension.
- Set up a separate business account If possible – Ask us if you need to open a business bank account.
- File Self-Assessment Tax return every year, The deadline for the paper return is 31st October, whereas for online return the deadline is 31st Jan every year.
- Pay tax on your self-employment profits, according to the tax band you fall into.
- Pay Class 4 National insurance contribution on profits, (for 2017/2018- 9% on profits between £8,164 and £45,000 2% on profits over £45,000)
- Register your Business for VAT in turnover is above the VAT threshold.
- If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.
We try to make things transparent for our clients by providing maximum information. If you are looking for self-employed accountants in London, please feel free to contact us on 0800 6441 258 or email us on Click here for a Quick Quote