• Tracy

Things to do when you start Self-Employment

You've made the big decision to go self-employed and run your own business, there are a few things you need to do when you start.

Register as Self employed with HMRC, this can be done easily on line, you will receive a Unique Tax Reference Number (UTR) this number will be needed when you complete your tax return or communicate with HMRC. As Self Employed you do not have to have a business bank account, but it is recommended as will keep your personal and business finances separate, and certainly recently with the corona-virus pandemic many have lost out on government help as they did not have a business bank account for their self employment.

Check if you need any insurance, Professional Indemnity and Public Liability are usually the main ones but there may be others depending on your business type.

Finally keep all receipts for all expenses and purchases relating to starting up your business as these will all be claimable when it comes to complete your first tax return

#selfemployment #businessbankaccount #soletrader #startup #startupcosts

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