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 All the profits remain with the company and are not subject to self assessment tax unless money is withdrawn as salary or dividends.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.
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.
Got a question?
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.
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.
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