You can be self employed as an individual, 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 All the profits remain with the company and are not subject to self assessment tax unless money is withdrawn as salary or dividends.
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.
What Do You Need To Consider If You Are Self-Employed?
Anyone who is self-employed is obliged to comply with some regulations. If you plan to become a sole trader or start a business, you must register with HMRC within a month. If you are working as contractor or providing services under limited company you will be register for self assessment as director of the company. Areas we can assist in include, but aren’t limited to:
Advantages of Being Self Employed
Dis advantages of Being Self Employed
It’s important to consider the disadvantages of being self-employed too, in particular the risks and costs that come with self-employment, for example: