You’re self-employed if you run your own business, hire people, provide the equipment you need to work, charge for your services and sell goods or services for profit. A sole trader or self-employed person is not a limited company.
When you are self-employed, you are responsible for notifying HMRC of your earnings and paying all appropriate taxes. In order to do this correctly, you must keep records of:
You must fill out regular tax returns – or have your accountant file it for you.
There are many costs associated with running your own business. If you have purchased certain items or services in conjunction with the day to day running of your business, you will be able to offset these against your turnover – meaning you do not have to pay tax on that amount.
Plus other specific expenditures.
Did you know you could have Xero accounting software from as little as £6 per month? Accessible through a Xero partner such as Let's Balance.
Here's why you want to take a look at this:
You can manage all of this yourself or we can help you out with the books as much or as little as you like. Every relationship is tailored to each individual client.