Self-employment means working for yourself. Many people who are self-employed call themselves sole traders. You are your own boss. It is up to you to decide what you do each day and what you charge.
It may be that you employ people to work for you. There may be business partners with whom you share the work. The fact is you have statutory commitments with which we at myaccountant.org can help.
If you have decided to register a limited company or are already operating as one of the nation’s limited companies, then we can help.
As part of our service with our company formation arm we are able to provide help and advice to people looking to create a business.
Whatever your business status, it is a legal requirement to keep accounting records and store them for a minimum of six years. This is the case whether you’re self-employed as one of the country’s sole traders, or incorporated as a limited company at Companies House.
As part of our accountancy service we can complete your sole trader or limited company bookkeeping on a regular basis. This means we can ensure all control accounts are reconciled regularly and you are provided with regular reports.
As an employer you have a legal obligation to operate PAYE on the payments you make to your employees, even if you’re the only person working in the business.
You are both an employer and an employee if you run a one-person limited company. You’ll need to calculate both your income tax and national insurance contributions that are due to the tax man.
As part of our company accountancy services, we will advise you with regard of various VAT related issues (e.g. whether you should be registered for VAT, how to register, and which is the best option between accruals or cash accounting etc.).
We can also complete the calculations for your VAT returns from your own records and/or provide a bookkeeping service to enable VAT returns to be completed.
Many small businesses, especially sole traders, work as subcontractors in the UK’s construction industry. It is necessary for them to register with HMRC.
It’s necessary to register with the Construction Industry Scheme (CIS) for any business that plans to use the skills of these subcontractors.
