If you start working for yourself one of the first things that you should do is register with the HM Revenue & Customs.
You must register within three months of commencing self employment otherwise you will be liable to a £100 penalty. There is little paper work required for the initial set up and there are no fees for registering yourself as self employed. There various legal requirements and responsibilities that you will have, like paying your own tax, national insurance and any insurance associated with your business.
As a self employed individual you will be required to complete a Self Assessment Tax Return each year disclosing yourself employment profit. Your Tax Return will show details of all your self employed income each year less any expenses incurred for the purposes of your trade. However, different expenses are treated in different ways depending on what they relate to.
We can assist you with registering your self-employment through to submitting your personal tax return.
Our service includes
- Preparation of year end accounts;
- Submission of personal tax return;
- Ongoing help and advice when you need it.
- On-going advice to help you make more money and keep more by reducing your tax and accountancy bill.
- Instant submission of forms through our secure online system, to ensure important documents is never lost in the post. Plus instant acknowledgement from HMRC for added peace of mind.