Congratulations on your self employment! There are a few important steps you need to take to ensure you meet your tax obligations.
1. You must register with HMRC as soon as possible. To register online follow this linkhttps://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed
2. You will be required to prepare a self assessment tax return for each tax year you work self employed in, even if you only work for part of the tax year. You can employ an accountant to assist you with this and guide you through the tax legislation. Make an appointment here to talk to Emma :https://calendly.com/emmastevensaccountancy/30min
3. You need to keep records of the incomes and outgoings of your business. The easiest way to do this is to have a separate bank account only for your business. It doesn’t need to be a business account, any account will do, but it does need to be used separately from your personal account. An Excel spreadsheet to records your income and outgoings is useful too. Download our template here:https://www.dropbox.com/s/krpl53wctc2dgro/Soletrader.xlsx?dl=0