Becoming self-employed? Here’s what you need to know about tax and VAT

Condies Self-Employed Checklist

With more and more people becoming self-employed, Condies has put together this simple checklist to keep you on the right track…
  • Whether you are a sole trader or in a partnership, it is important to register your business with HMRC before trading.
  • There are four things to complete if you’re self-employed: ž
  • HMRC – register with HMRC to pay income tax and national insurance. You will need to do this by 5 October in your business’ second tax year ž
  • Self-assessment – register to pay your tax each year. The payments will usually be due on 31 January and 31 July ž
  • VAT – register your business if your turnover is over £83,000 ž
  • Records – keep accounts of business income and outgoings.
Need help with self-employment?
Contact the team at Condies, which will be happy to help

condies banner

NO COMMENTS