12 days of start up: Day seven, Tax and National Insurance

By Shirley Hermiston

This series of blog will help us countdown to Christmas providing some useful information to those of you who are considering self-employment and hopefully get you on the right path to setting up your own business.

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.

When the time comes, our advisers are here to help you register the business and look at what records you need to keep. Check out our series of start-up workshops here, or call 0191 516 6149 to arrange your one-to-one appointment.

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