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Work From Home Tips |
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Resources, Tips & Advice to help you start, and run, your own business from home |
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Registering As Self-Employed
As soon as you start earning money, or start buying products or materials, you should register as self-employed with HM Revenue & Customs. They have a very helpful website and you can browse their self-employment pages by CLICKING HERE. Their “Are You Thinking For Working For Yourself” webpage is a particularly good source of information
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Accountants
Once you start earning more than a couple of hundred pounds a year it is also worth considering using the services of an accountant to help you complete your annual Tax Return. Accountants do not come cheap but their fees can be offset against your profits also they may be able help you identify additional expenses which you can use to reduce you Tax bill. There are many software packages available to help you manage your business accounts and I would particularly recommend the software produced by Sage which you can buy on-line from Amazon:
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National Insurance
Note that as well as paying Income Tax (if your earnings exceed your annual allowance) you may also need to pay National Insurance contributions. If you expect your earnings to be low you can however apply for exemption from National Insurance contributions.
V.A.T
If you are lucky enough to have an annual turnover of more than £61,000 then you need to register for VAT. The HM Customs & Excise VAT website can be browsed by clicking HERE and you can browse their Frequently Asked VAT Questions by clicking HERE.
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