This 12 Days of Start Up series aims to provide you with all the information you need to get on the right path to self-employment. Starting a business can be like climbing a mountain, it may look daunting from the bottom but focus on one step at a time and you’ll soon be at the top. Past days can be found here.
Now that you have completed your business planning and are ready to start trading, you need to register your business with HMRC.
Tax and National Insurance (NI) can be quite daunting to a new business but don’t fear, we are here to take you through it step by step.
As a sole trader, you must register as self-employed with HMRC and you will submit a yearly self-assessment.
For tax purposes you need to keep records of your income and outgoings so that HMRC can calculate what tax you owe. We can show you bookkeeping techniques to suit you and your business. It doesn’t have to be complicated.
If you are setting up a Limited company, you are not classed as self-employed therefore will need to follow different rules for tax and NI. Click here for more information about Limited Companies.
Remember, you only need to register once you are ready to begin trading. Our advisers are here with you every step of the way to get your business off the ground. For more information about registering your business contact our start up team on 0191 516 6149 or click here.