Self Employed is the simplest way to start a business with zero registration fees. But please note that you are personally liable for any debts. You may require a lot of investment for your business when it comes to risks.
It is mandatory to complete a Self-Assessment tax return. We will complete and file your return online or fill in a paper form. After that, you need to pay any Income Tax you owe for a tax year in two installments i.e. January and July and final ‘balancing payment.’
We have implemented Packages according to the turnover of your business and the work involved.
- 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.
Testimonials
SK Accountants & Tax Consultants is one of the most professional and trusted Accounting Firms I ever dealt with in the UK. They are demonstrating a highly professional standards. Attending all inquiries on an immediate basis. Very Excellent customer service team and most importantly the unconditional care and support from the highly experienced accountants team. Thank you so much SK Accountants. I really recommend as the choice number one in United KingdomAbdul Rahman Abdul Majeed
It has been a very friendly, reliable and a swift experience for me with SKATAX. They have been very professional & efficient throughout the whole process. I would 100% recommend this firm to all businesses. Thank you KS, you and your team is great 🙂Azhar Khan
I have been with This company SK Accountant and Tax Consultant from last 5 years. They are very helpful in managing accounts and in consultancy. I definitely recommend everyone to use there services.Chaudhry Amir
I have used SK accountants and tax consultancy services to deal with one of my tax issues which was very intense and required lots of diligent planning. I was so pleased that the SK team was so proactive in dealing with my case, and their work was so detailed, which helped HMRC understand my tax situation. I would recommend SK to all those looking for proactive tax consultants.Danilov alexey
Positive: Professionalism, Quality, Responsiveness I have received consultancy advice from Mohsin Zafar, who has been very professional and helpful and answered many questions that I had. His responses were swift and concise. I recommend this company for consultancy services, they are very knowledgeableElena Zekonyte
We are Bronze Champion Partners with Xero Advisors
SK Accountants is the ‘one-stop-shop’ accountancy &
tax centre, servicing the needs of local SMEs and taxpayers
