Responsibilities of a self employed

What to do being a Self employed?

  • Register as a self-employed with HM Revenue & Customs within 3 months of your setting up
  • Pay Class 2 National Insurance contributions (£2.80/week for 2015/2016) (may change in future) – HMRC will send you Class 2 National bills every quarter, unless exempted due to small earnings.
  • Set up a separate business account If possible – Ask us if you need to open a business bank account.
  • File Self-Assessment Tax return every year.
  • Pay tax on your self employment profits, according to the tax band you fall into.
  • Pay Class 4 National insurance contribution on profits, (for 2015/2016-  9% on profits between £8,060 and £42,385 2% on profits over £42,385)
  • Register your Business for VAT in turnover is above the VAT threshold.
  • If you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.

We try to make things transparent for our clients by providing maximum information. If you are looking for self-employed accountants in London, please feel free to contact us on 0800 6441 258 or email us on Click here for a Quick Quote