Business registration HMRC

[markyyyyyy]

Hi all,

I have registered for self assessment and national insurance (band 2 i think?)

Is this all i need to do as a sole trader until i need to do my final accounts at the end of the year?

At the moment, i am recording my incomings, expenditures and mileage travelled.

I am keeping all invoices and receipts.

Many thanks for your help!

Mark

 

[emma84]

That's all I have done I am in my 4th year of being a sole trader, might be worth just checking with your local council aswell though as new local registrations are being brought in but only in certain areas, worth a check just to make sure hth x

 

[temperleytan]

Hi...HMRC regularly hold free workshops on self assessment / sole trader issues, I attended one which was ran by my local tax office and it was REALLY helpful. They made me aware of expenses I could include that I had never even thought of. So I would recommend contacting your local office and subscribing to these free courses, they are not there to catch you out, but are really helpful and beneficial. I faced my first self assessment much mopre postively after the course, I thought I would have to get an accountant but with the course help, I managed it all myself.