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