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:
How do I do it?
First, it is important to plan. Some of the key questions to ask yourself include:
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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