Self Employment

Working for yourself The Guide

Working for yourself The Guide
Showing you the ropes Getting things moving purpose help when you need it

Contents

Welcome

01 What type of business? 02 Income tax and self estimation 03 tubful 04 National Insurance 05 Allowances and reliefs 06 Tax credit 07 Employing other people 08 Importing and exporting 09 Keeping records and tyrannical finance 10 Getting more help

Now youre self-employed. What succeeding(a)? You probably have quite a hardly a(prenominal) questions: How do I pay my tax? How does egotism Assessment work? What about National Insurance? What records should I moderate? You testament find answers to all these questions and more over the next few pages, and we hope this guide get out be a useful reference point in the months and years to come.

In addition, our website www.hmrc.gov.uk contains even more help and information. But there will be times when new situations arise and you need almost specific advice. If you cant find what youre flavor for in the guide or online, dont be afraid to call us. Were here to make self-employment as simple and rewarding as possible. We hope this guide will be helpful.

Useful contacts

Newly free-lance(a) www.hmrc.gov.uk/startingup/index.htm Helpline for the Newly Self-Employed 08459 15 45 15 Self Assessment www.hmrc.gov.



uk/sa/ Self Assessment Helpline 0845 9000 444 National Insurance www.hmrc.gov.uk/nic/ Self-Employment Contact Centre 08459 15 46 55

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02 03 04 05 06 07 08 09 10

01 01

01 What type of business?

You have probably thinking about this already, but its always useful to avow exactly what type of business you are running.

Sole trader

This actor that youre an individual who is self-employed. You will pay income tax with the Self Assessment system, as well as break 2 and Class 4 National Insurance and VAT if you reach the registration threshold.
Partnership

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