Tax Facts : Working For Yourself

If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed - even if you haven’t yet told HM Revenue and Customs (HMRC). Running a business You’re probably self-employed if you: run your business for yourself and take responsibility for its success or failure 👉 have several customers at the same time 👉 can decide how, where and when you do your work 👉can hire other people at your own expense to help you or to do the work for you 👉provide the main items of equipment to do your work 👉are responsible for finishing any unsatisfactory work in your own time charge an agreed fixed price for your work 👉sell goods or services to make a profit Many of these also apply if you own a limited company but you’re not classed as self-employed by HMRC. Instead you’re both an owner and employee of your company. You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings. You can check whether you’re self-employed: 👉online 👉by phone Selling goods or services You could be classed as a trader if you sell goods or services. If you’re trading, you’re self-employed. You’re likely to be trading if you: 👉sell regularly to make a profit 👉make items to sell for profit 👉sell items on a regular basis, either online, at car boot sales or through classified adverts 👉earn commission from selling goods for other people 👉are paid for a service you provide If you only occasionally sell items or rent out property (for example through auction websites or short-term rental apps), check if you need to tell HMRC about this income. Contact HMRC for advice if you’re not sure whether you’re trading. Registering as self-employed If you’re self-employed, you may need to set up as a sole trader. Other ways to work for yourself There are other business structures apart from being a sole trader. For example, you can: 👉become a partner in a business partnership 👉set up your own limited company Get help with your business You can get help with setting up or growing your business, for example with funding your idea =========================== =========================== Book your FREE 60 minutes call now: https://acumenaccounting.co.uk/appointment.php Book your Tax and Business Consultation with Wajid Ayaz. Wajid will answer your questions over the phone or by office appointment for 60 minutes and all this is without any cost to you. PLEASE SUBSCRIBE TO OUR CHANNEL SO WE CAN REACH OUT TO MORE PEOPLE TO HELP AND PROVIDE MORE TIPS. ====== For more information please subscribe to our channel and press the bell icon so you never miss any updates and follow us on Facebook at Acumen Accounting or on Twitter at @acumenaccting or visit our website at https://www.acumenaccounting.co.uk . =============================================== #tax, #facts, #workingforyourself, #taxday, #howtofiletaxes, #taxreturn, #taxfacts, #HMRC, #hmrc, #selfemployed, #soletrader, #utr, #anualtaxday, #business, #financialcrises, #cashflow, #smallbusiness, #ukgovernment, #calculatemytax, #taxtips, #filingtax, #taxes, #taxreturn2021, #filetaxforthefirsttime, #taxesexplained, #doingtaxesforthefirsttime, #howtofiletaxesforthefirsttime, #doingtaxesyourself

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