Engineers are installing solar panels, air source heat pumps and LED lighting in Yorkshire Dales National Park Authority buildings, while electric vehicle charging points have gone in at all ten of the Authority’s public car parks. The renewable energy installations will result in a 40% reduction in the annual amount of carbon dioxide emitted from […]
By Shepherd Partnership – Certified Accountants in Skipton and Settle
If you’re considering going it alone, then this article is for you!
Self-employment has been on the rise for many years – and with the challenges that Covid-19 has thrown at employers and employees, it looks set to increase even further.
So, what do you need to know if you are thinking of going self-employed?
What does it mean?
Being self-employed means that you are the business – and are responsible for its success or failure. Self-employed people are not paid via PAYE and they do not have the same employment rights as employees.
What are the benefits?
Some of the key benefits include:
- Being your own boss!
- There aren’t the same limits to your earning potential.
- Tax saving options become available – which others cannot access.
How do I do it?
First, it is important to plan. Some of the key questions to ask yourself include:
- Do I have a business plan?
- Have I researched the market and the need for the product/service I will offer?
- Where will I obtain new business?
- Do I have the finances to give my business the best chance?
- Do I have good systems in place to manage business administration?
- Have I got a strong brand (website, logo, literature etc.)?
Now, it’s time to register…
If you want to proceed with self-employment, it is a legal requirement to register as self-employed with HMRC. Once registered, you will receive a UTR (Unique Tax Reference) code and login details for the HMRC online portal.
When you are registered as self-employed, you must submit an annual tax return. You will receive a reminder about this at the end of each tax year – and it is important to submit the return, in a timely manner, to avoid penalties.
Should I appoint an accountant?
A good accountant will help with any/all parts of the process – from planning, to registration, and beyond. They will ensure you are compliant – but also confident to run and grow your business.
Please get in touch to learn more about our services and how we can help…
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