If there is one big benefit of being self-employed it’s that you work for yourself and no one can tell you what you should do. You can become self-employed even when you’re working for someone else, but if you want to see whether it’s a good idea for you, it would help to know what you should do.
Many people go self-employed and forget some of the most important things to remember to do and this can bite them in the behind later. No one wants to be slapped with a fine because they haven't set up their business properly so let’s take a look at some of the things that you need to do when you choose to work for yourself.
- Register With Your Government
If you set yourself up as a self-employed individual, you need to consider the fact you have to pay for your own taxes. One of the best things that you can do is ensure that you are registered properly to pay your own tax . you can do it any time, but the sooner you do it, the better!
- Speak To An Accountant
If you have no idea about your numbers, you can speak to an expert at mneaccounting.co.uk. There is no shame in paying someone else to do your books for you when you’re not sure of what to do with your profit and losses. Most small businesses will employ an accountant to look after their books for them, and you should do the same!
- Figure Out VAT
Do you need to register for VAT? Depending on where you live, and if your annual turnover is over £85k, you need to register to pay VAT. You need to let HMRC know within 30 days if you’re planning to pay VAT, as you may have registered without needing to and if you don't register, you will find that you may have a hefty bill on your doorstep!
- Open A Business Bank Account
If you don't open a business bank account, you’re going to potentially mix up your finances. You want to make sure that your business finances are separated from your main finances, and a business bank account is the best decision that you can make. You can ensure your tax money and your profits are listed properly and are away from your profits.
- Get Some Insurance
When you are in a business, you need to have insurance to ensure that you are protected at all times. You want your customer to feel safe in your premises and you should speak to an expert to find out what insurance you should have for your specific industry and business.
Being self-employed is a huge achievement if you have been working towards it. However, you should consider the legalities behind what you’re doing. You want to be above board, paying the right taxes and looking after your national insurance, too. Being self-employed is a huge deal, so get it right and you’ll be legally enjoying your new biz!