Are you self-employed?
When you start working for yourself you will be classed as self-employed. You can do this as a sole trader or as part of a partnership.
The accounting requirements for a Self-Employed individual can vary wildly, depending on the business you run, the volume of transactions and turnover. Some people just need a personal tax return at the end of the year, others need monthly support with their accounts, book-keeping, VAT and payroll etc.
Accounting services for sole traders
The key elements to being self-employed are:
- You run the business for yourself and take responsibility for its success or failure
- You have clients / customers that you provide goods or services to
- You can hire other people at your own expense to help you or to do the work for you
- You provide the main items of equipment to do your work
- You are responsible for finishing any unsatisfactory work in your own time
- You charge an agreed fixed price for your work, or you sell goods or services to make a profit (including through websites or apps)
Sole trader business growth
Many people start out in business as a sole trader / partnership and then switch to a limited company trading status later – we’ll be on hand to explain what this means and whether it’s the right move considering your individual circumstances.
Many contractors are confused about their trading status, so at a4c we decided to explain the differences, alongside the introduction of the new a4c Contractor Options Guide.
Get In Touch
If you’re not sure what you need, you can speak to a dedicated member of the A4C team.
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