Independent or self-employment is the most straightforward approach to begin a business. There are no enrollment charges deducted. There are many advantages and disadvantages of starting sole trading. One of the main disadvantages is that you are personally obligated to run your business, and if you make some wrong choices you are liable for them yourself, meaning that everything that you own will be at stake.
At ACCOTAX we are here to provide you all the help that you need to start your business as a sole trader. We will do all the paper work for you, you only have to pay any income tax that you owe for a year in two portions, from January to July or July to December.
At ACCOTAX we have pre-planned packages as per your business turnover including the services we perform for you. You can choose whatever that suits you the best.
What are the steps that you should take to start self-employment?
• You should enroll as an independently employed with HM Revenue & Customs within of 3 months of starting your business.
• Pay Class 2 National Insurance commitments which will cost you (£2.50/week) – HMRC will send you Class 2 National charges each quarter, unless they are considered exempted due to low income.
• If possible set up a different business account – You can ask for our professional help if you have to open a new business account.
• You should be documenting the Self-Assessment Tax returns consistently.
• On your profits you should Pay Class 4 National protection.
• If your business turnover crosses the VAT threshold register your Business for VAT to get the best out of VAT.
• If there you have employs working for you in your business you should set up a framework called PAYE to record salary assessment and national insurance commitments.
Contact us for all your accountancy and tax management services
We are here to make everything straightforward and reliable for you. We provide our customers with pro efficient ideas for their business and accountancy needs. If by any chance you are searching for an accounting firm that will provide you with professional accounting services in cheapest possible rates, then you have come to the right place.
ACCOTAX accountancy and taxation services will make everything easy for you. You only have to dial our 24/7 online number; 0800 6441 258 and get entitled to the best accounting, bookkeeping, and tax management services available in the UK. You can get free quotes and can email us at any time.