Self Employed is the simplest way to start a business; it doesn’t involve any government registration fees. If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed – even if you haven’t yet told HM Revenue and Customs (HMRC). The only drawback is that you are personally liable for any debts that your business runs up, these make risky options for businesses that require a lot of investment. You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings or over the weekend.
If you are self-employed you would need to complete a Self-Assessment tax return, We can complete and file your return online or fill in a paper form. You would probably need to pay any Income tax you owe for a tax year in two instalments i.e. January and July plus a final ‘balancing payment’.
As a self employed, you will have to register within 3 months with HM Revenue & Customs. If you need any help with self employed registration, Please let us have information on this link.