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What do I have to do, being a Self-Employed?

  • Register as an independent with HM Revenue & Customs within 3 months of your setting up

  • Render Class 2 National Insurance contributions (£2.85/week for 2017/2018). HM Revenue and Customs (HMRC) will dispatch you a bill by the end of October – call the newly self-employed helpline if you don’t get one. You make Class 2 National Insurance Contributions if you’re independent to certify for benefits like the State Pension.

  • Organization of a separate business account if possible – Do inform us if you need to open a business bank account.

  • File or register Self-Assessment Tax return every year, the deadline for the paper return is 31st October, whereas for online return the deadline is 31st Jan every year.

  • Render tax on your self-employment profits, according to the tax band you fall into.

  • Render or pay Class 4 National Insurance contribution on profits, (for 2017/2018- 9% on profits between £8,164 and £45,000 2% on profits over £45,000)

  • Register or file your Business for VAT if your turnover is above the VAT threshold.

  • If you have employees working under you, you should set up a PAYE system to collect income tax and National Insurance contributions.

 

We try to make things clear for our clients by offering maximum information.