Becoming self employed help

jjandkelly

Hi guys. I got made redundant the end of October from my van driver role. I’ve been offered a driving job for a furniture firm which I’m starting on Monday, but it’s a self employed role. I have no idea where to start with this, I’ve looked on google about becoming self employed but it’s confusing. Do I need to register as self employed? Do I need an accountant? Business account? It isn’t a huge paying role, roughly 400 a week, I’m aware I’ll have to pay tax and insurance, but how? Many thanks for any advice, really appreciate any help
J

MalMonroe

Here is the government website link https://www.gov.uk/working-for-yourself

You can be sure that the information there is correct, and I don't think it's confusing at all.

I used it when I set up my own business last year.

Sandtree

You need to register with HMRC as self employed which will trigger you needing to do self assessments and that’ll calculate the tax you need to pay. Tax returns run april to april and must be submitted and paid by the end of January... so the deadline for your first one will be Jan 2022.

Legally no need for an accountant or business bank account. For simple accounts its unlikely an accountant will be cost effective but you may choose to use one simply for save you doing things. Personal bankj accounts normally prohibit business use but many people ignore that and get away with it fine.

Insurance will depend on the risks you are running and what you want to protect against. A broker or comparison sites will help depending on what you need.

AskAsk

Declare self employment to HMRC and then you will need to complete tax return through self assessment.  The  tax returns are done in tax years in arrears.  You can claim all your expenses against any money you make, you only pay tax after your personal allowance and expenses, including mileage.