As soon as you become self-employed, you should contact HMRC to inform them that you wish to get registered. Self employment includes working in a business part time or on the side (any paid work you’re doing that doesn’t have tax already deducted counts as self-employed).
Failure to register could bring penalty charges from HMRC.
Registering as Self-Employed
If you’re going to be working through a limited company, things can get slightly more complicated. We’ve got a separate article that explains all you need to know about how to set up a limited company.
If you’re going to be working as a sole trader, then there are two options available:
- The first is to do it online by going to the Gov.uk site. You’ll now be registered up until the point you de-register (if you ever need to).
- You can also complete your registration by calling HMRC on 0300 200 3500. They’ll go through everything with you and set you up for self assessment.
Other things to consider while you’re Self-Employed
Obviously you’re going to need to keep accounting records for your business. An accountant at this stage can be handy and should advise you on your responsibilities and help set up a suitable accounting system for your business.
So that’s pretty much it – you’re now registered as self-employed and set up for business.
Why Choose Accountspoint?
Accountspoint was set up to offer accounting and business services to small businesses nationwide. With many years experience in the small business and contracting market, Accountspoint has the reputation and credibility you can trust. Our goal is simple, to fulfil your accountancy needs with a quick, professional service.
Contact Us to Book a Free Consultation
If you’d like to find out more about how Accountspoint can help you and your business, please give us a call on 01332 650226 or request a call back.