Are you self-employed?
You are a self-employed/sole trader if you:
- Run your own business
- Have several customers
- Can choose your own working ours, and where you work
- Can hire people at your own expense to do work for you
- Provide your own equipment
- Charge an agreed fixed price for your work
- Sell goods or services to make a profit
- Sell items regularly to make a profit
- Make items to sell for a profit
- Earn commission from selling goods for other people
If you are self-employed and any of the following are true, you will need to register as self-employed with HMRC (https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed):
- You earned more than £1,000 from self-employment between the 6th April and 5th April the following year
- You need to prove you’re self-employed
- You want to make voluntary Class 2 National Insurance payments to help you qualify for benefits such as state pension
You will need to keep records of your business income and expenditure, prepare and submit a self-assessment tax return to HMRC each year, and pay income tax on your profits as well as class 2 and class 4 National Insurance Contributions.
If your turnover is in excess of £85,000 you may need to register for VAT.
How can we help?
Regular reminders throughout the year, requesting relevant information for your return
Expert support and advice
Optimise your tax efficiency by identifying any potential reliefs you may be able to claim
Prepare annual accounts so you can see how your business has performed in the year
Calculate your tax/refund due and provide a schedule of payments
Complete and file your return on your behalf
Deal directly with HMRC on your behalf
Detailed knowledge on costs to be reclaimed to reduce your tax liability