in England
Self-Employment Query…
For anyone who’s self-employed, please could you give me some advice? I have just secured an offer at a company today, and I will be working self-employed and supplying them with a service. I’ll be working in their offices & recruiting workers for their business. Now, I’ve never worked self-employed before so I’m brand new to all of this. How do I go about setting this up on HMRC? Do I register as a business even though I’ll be within a business? Am I classed as a contractor? If it’s a business, how does it work? I know there are different types, like solo trader, limited company etc. I’m unsure on how this works. I’ll be writing an invoice to the company and they’ll be paying me for what work I’ve done for them every month.
Please advise on how I go about doing this. Also, for tax do you just put some to one side every month and pay it every April? I’m confused.
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Are they paying you on a day rate or what exactly? Look up IR35
@Becky they’re paying me hourly
Ok, you don't need a limited company, just need to do your own self assessment for the tax year so just keep a record of everything
@Becky okay amazing, thank you so much x
@Becky will I do this after 5th of April?
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You might need to do a self assessment form. It's quite straightforward. It needs to be completed and monies paid by 31st Jan following the tax year. Although in a different situation, I put what needs to be paid in tax aside into an account I don't touch every month so I have enough to cover the bill. Oh and you don't need to wait until the January to do your self assessment. I did mine in July and it's not due until next year!