Self Employment
Registration
If you plan to become a sole trader or start a business, you must register with HMRC within a month. Check your employment status on HMRC website with employment status tool or call our accountants for advice.
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Self Employment Specialist Accountants
You can be self employed as an individual, freelancer, sole trader or continue to provide services through a personal limited company. Contractors and Locum Professionals who own a company are termed to be self employed by HMRC. All the profits remain with the company and are not subject to self assessment tax unless money is withdrawn as salary or dividends.
Accountants for Self Employed
In order to become a sole trader as an individual, you must get registered with HMRC and submit personal tax returns on an annual basis. As experienced tax accountants, we can help you with sole trader registration process and can file your self assessment tax returns each year, ensuring that you stay on top of your business and tax compliance.
If you are self-employed you will be liable personally for any debts run up by your business. Therefore, if your business requires considerable investment this can make being self-employed a risky venture.
If you are self-employed you will be obliged to complete and submit a Self Assessment tax return. This can be a complex procedure, however if you choose The Accountancy Solutions we can complete your return on your behalf and file it online to HMRC.
If you are self-employed you will usually have to pay the amount of income tax that you owe over the course of the tax year in 2 installments – one in January and one in July, and then you will usually also pay a balancing payment by 31st January each year.
OUR PROMISE
We care for our clients. Building and maintaining fantastic relationships is what we do best, we will never treat you as a number which is what makes our approach so unique. The highest level of customer service combined with a keenness to listen and work together with our clients means that we leave a stream of happy clients in our wake every single day. Our services come with unlimited help and support provided at no extra cost throughout the year.That help and advice will all come courtesy of your own fully qualified and dedicated small business accountant.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
Business Startup
Limited Company
Starting a company is to embark on a long road to success. Talk to our accountants and see if we can suggest you a plan.
Self Employment
You can register your self as self employed but is it the right decision. Call us to check if we can suggesnt you more tax efficient structure.
Partnership
Let us talk about the objectives and outcomes of partnership. There are some tax efficient structures you may want to know about.
Business Planning
Buinsess plan is not just about some figures. Let our experienced accountants walk you through your bsuiness plan for next 10 years.
Frequently Asked Questions
Most frequent questions and answers
If you sign up with us as self employed individual, we will not charge you to register you with HMRC. We will only charge you our annual fee after one year when we prepare your tax return or accounts.
It depends on how much you will turnover in the year and whay type of business you are in. If you are a free lancer and you may not earn more than £50,000 per year, then its better to register as self employed.
One of the major advantage is freedom where you will have more flexibility and control on your work and you can also attend other activities and commitments. You can work simultaneously on different jobs.
The major risk is you will not be guaranteed any income, other than if you have a solid contract in hand. Its highly advisable to write down your business plan and mark your potential customers before you start self employment.
Core Services
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Client Testimonials
Our clients are our assets and we take every step to look after them and provide them the advice and support when ever they need.
LET US KNOW IF YOU NEED HELP WITH SWITCHING ACCOUNTANT
It has never been easier to switch accountants. You just need to sign our engagement letter and we will do the rest.
Read our Latest Blog
Maintaining your NIC contributions Covid-19
If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
Selling the Buy to Let property at a loss
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Extracting income from a family company with no retained profits
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.