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.
What is being self-employed?
The key elements to being self-employed are:
- You run the business for yourself and take responsibility for its success or failure
- You have several clients / customers that you provide goods or services to
- You can decide how, where and when you do your work
- 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
- You sell goods or services to make a profit (including through websites or apps)
You can be employed and self-employed at the same time. For instance, you have a daytime job and a run a business in the evenings and weekends.
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.
Accounting for sole traders
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.
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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