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Starting up self-employed

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confusedbunny

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Hi,

I am debating to start working self-employed....I have a few quastions:

1.Do i need to register as a sole trader (or do i just register with HMRC as self-employed?)

2.Can i run my accounts (which will be very minimal to start with) through a personal account?

3.Can i do a trial run for like 3 months before i register?

4. I have heard about "dormant company", is this where i remain self-employed and if at a later date i want to become ltd and can use the dormant company name i have created? With a dormant company do i have to rigister it at companies house? and be director etc even when dormant?

Any info would be greatly appreciate :)
 
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sarah123110

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This is my first year self employed. I haven't filled in a tax return yet so I hope I've done all that I need to.

I registered with HMRC as a sole trader & also registered to pay my own national insurance.

I opened a new personal account to use for my business. You are allowed to use a separate personal account if your turnover is below a certain limit which I now can't remember the amount.

You have 3 months to register as self employed from the date you begin.

I'm sure more knowledgeable geeks will be along to give you more in depth answers.

Sent from my GT-I9100 using SalonGeek
 

confusedbunny

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This is my first year self employed. I haven't filled in a tax return yet so I hope I've done all that I need to.

I registered with HMRC as a sole trader & also registered to pay my own national insurance.

I opened a new personal account to use for my business. You are allowed to use a separate personal account if your turnover is below a certain limit which I now can't remember the amount.

You have 3 months to register as self employed from the date you begin.

I'm sure more knowledgeable geeks will be along to give you more in depth answers.

Sent from my GT-I9100 using SalonGeek
Thank you for that info, is it a legal requirement to register self-employed after 3 months if it does not work out?
 

mixnmatch1

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I am pretty sure you have to register as self employed even if you only did it a short while :)
 

mishymoo

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Hi Hun ... It really isn't as difficult as you'd think. I set up as self employed in November and it was quite easy.
You need to inform HMRC that you're a sole trader ... you can do this online.
You then will need to register for your NI contributions which is only £10 a month ...
I opened a business account which is completely free for the first 18 months with Santander ... it makes it less complicated to keep it separate to your current account.

I've also found a good accountant that will cost me about £200 per year just to make sure all my books are right and she'll do my tax return for me.

Just keep all your reciepts and the chances are you wont be paying much tax for your first year or so while your starting up.

Hope this helps :)
 

confusedbunny

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thank you! so, would i be self employed or a sole trader? I am confused.....:sad:

Also, as self employed, can i have a website and would i have to have a trading name like beautyworksbyjoebloggs????

and would my website address be www.beautyworks.co.uk (for example) or www.beautyworksbyjoebloggs.co.uk???? :sad:
 

TMH

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You'd be both unless you employ someone :) Yes you can have a website and advertise as you want. You'd have to have a website with your own domain but not sure how you'd go about this or what costs are involved.
 

traceyashley

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Hi im just about to start up self employed my self im doing mine through the princes trust. Check out there webpage it is Great and they have loads of information. Iv just done a 4 day coures with them and oh my god im glad i did :) The thing is now you have to register self employed straight away and not in 3 months, Its all change (dont no why lol)

Hope that helps

Tracey xx
 

souz

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as soon as you start advertising for paying clients you have to register for self employed, if you have not done so within 3 months you could be fined.

your accounts and tax return are so easy to do you do not need an account! a spreadsheet with all thats coming in and out or a book and your receipts in date order is all you need. I started in 6 months ago and did my first tax return in april and was so much easier than i thought.

Yes you can have a website, i have since the beginning.

the only time things will change is if you wanted a business partner and wanted to go lts company, then accounts get more complicated. hth

ps. business link do free workshops to inform you what you need when setting up a new business
 

confusedbunny

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thank you all for taking the time to reply to me very detailed, much appreciated...
 

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