If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed and started your own business or you’re planning to work as a subcontractor under Construction Industry Scheme (CIS).

You need to register with HM Revenue & Customs for Self Assessment within 3 months from the beginning of your self-employment activity.

After registration HMRC will set up your records and send you a letter with a ten-digit reference, called a Unique Taxpayer Reference or UTR.

As self-employed individual your responsibilities are:

-       To keep records of your income and expenses

-       To file a Self Assessment tax return every year

-       To pay Income Tax on your profits

-       To pay Class 2 and Class 4 National Insurance contributions

You can be both employed and self-employed at the same time. For example, if you work for an employer during the day and run your own business in the evenings.

There are also other ways to work for yourself, like being a member in a business partnership or set up your own limited company.

We can assist you in registration as Self-Employed as well as provide you with essential knowledge about your rights and obligations when registered as Self-Employed.

Please contact us on 07789758177 / 02082211165 for more information.