Becoming self-employed is the simplest way to start a business; it doesn’t involve any registration fees. The only drawback is that you are personally liable for any debts that your business runs up. For businesses that require a lot of investment, this can be a risky option.
If you are self-employed, you would need to complete a self-assessment tax return. We can complete and file your tax return online or fill in a paper form.
If you meet HMRC’s criteria, you might be required to pay income tax in advance for the next year (payments on account) in two instalments: i.e. January and July, plus a final ‘balancing payment’ with your final return for the tax year.
Services we can provide:
- Register you as sole trader / self-employed where needed
- Prepare and discuss accounts with you
- Prepare and file your self-assessment tax return
- Advice on how tax system works in the UK, including N.I. rates, etc
- Advice on how to keep good records
- Advice on whether your business needs to be registered for VAT, and if so, any available VAT schemes
- Advice on possible allowable expenses
- Tax liability and any relevant dates
- Act as an agent on your behalf and deal with HMRC
- Email and telephone support throughout the year
- Bookkeeping software
- Tax planning
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