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.

Find out more about starting a limited company >

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

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