What you need to do if you become self-employed
You will need to do things like:
- keep records of money coming in and going out of your business
- register as self-employed
- submit a tax return
- pay National Insurance
If you need help, look at the sources of advice and information:
Hiring an accountant
An accountant can help you to:
- claim tax-deductible business expenses and special tax allowances
- focus on running your business by saving you time and stress
- and helping you to fill in complex forms
Hiring the right accountant can be even more important than hiring a member of staff. Ask them about their experience, and what they can do for you. Recommendations by family, friends and professional people you know can be a good place to start.
You can also search online for accountants in your area. If you do so then you need to make sure that they are reliable and legitimate. One way to do this is to ensure that they are a chartered accountant. This means that they have completed at least 3 years of training and exams. Chartered accountants are accredited by firms like the ICAEW (Institute of Chartered Accountants in England and Wales) and ACCA (Association of Chartered Certified Accountants).
Search for a chartered accountant (ICAEW)