.png)
.png)
Time to be your own boss
Key points
- Consider whether to be a sole trader or a company.
- Sole traders are responsible for paying the income tax and National Insurance on their trading profits.
- Understand the impact of choosing an accounting period.
- Remember important deadlines for submitting returns and paying tax.
I have worked in tax for more than 20 years but have denied it when socialising for about 15 of those because it is the ultimate conversation stopper. However as I have grown older more friends are wanting to start their own business and suddenly they are keen to know someone with some tax knowledge. It is daunting for them to leave the safety of employment income and PAYE where the employer calculates the tax and National Insurance and pays the amounts to HMRC. They are venturing into a new realm of responsibility and self assessment tax returns.
Starting a...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
