Top 10 things you must do when going self-employed 

There are a number of things to take into account when going self employed. Here is a checklist to get you started.

1. When you become self-employed you must register with HM Revenue & Customs

2. Ensure you take professional advice to decide on the best business structure

3. Once you are operating as self-employed you will need to complete a ‘Self-Assessment Tax Return’

4. In addition to Income Tax, you will need to make National Insurance contributions

See also: How to write a business plan

5. As of April 2017, if your business has an annual turnover of £85,000 or more you must register for VAT and complete VAT Returns

6. It is sensible to get a business bank account and often there are free banking offers available

7. Ensure you insure your new business

8. Keep accurate and up-to-date financial records. When ‘Making Tax Digital’ is introduced you will be required to submit information to HM Revenue & Customs quarterly

See also: How to set-up as a sole trader

9. If you employ staff you will need to register for PAYE, run a payroll scheme and ensure compliance with pension regulations

10. Ensure all business expenditure is claimed and maximise any tax planning

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