SELF EMPLOYED

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.

Get Instant Quote

Ask An Accountant

Arrange Meeting

Request A Call Back