In my post last month, I mentioned that I was looking for new associates to help in the business. Thanks to my network I have had some very interesting conversations with several people so far.
This made me think that it may be helpful to offer some guidance and tips about becoming Self Employed.
HMRC offers guidance and step by step support to help you do this, please see the links below.
Working for yourself – GOV.UK (www.gov.uk)
Running a business from home – GOV.UK (www.gov.uk)
Set up as a sole trader – GOV.UK (www.gov.uk)
I have teamed up with Ben of Blue River Services, www.blueriverservices.co.uk , to offer some support on becoming self-employed, as he is used to helping clients and offers accounts services and business support and suggests the following points:
- Have a structure and be organised from the beginning
- Separate personal banking from business banking for clean accounting
- Register for self- assessment if you earn more than £1,000 you will need a UTR number
- Focus on what you want to earn and build your business around that
- Don’t just buy all the software and support as it doesn’t always make you efficient
- Focus on the work you want to do
- Remember to save for the tax bill
- Create a network of support not just potential clients
- Pay national insurance contributions Class 2 or Class 4 depending on your profits
- File your self-assessment tax return by 31st January each year to avoid fines
Please get in touch if you would like to hear more about becoming an associate or any further tips and advice from Ben.