Self-employed & partnership

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Self-employment is the easiest and quickest way to start the business on your own. Working as
a self-employed (sole trader) means you keep all of the proceeds of your business but it also gives you unlimited liability – any debt the business accrues will be entirely your responsibility. The important fact to mention is that since the day one of trading, HMRC allows 3 months to register for self-assessment. Failure to register within required timeframe results in a financial penalty.

Self-employed entrepreneurs can combine their activity and form a General Partnership or Limited Liability Partnership (LLP).

Self-employed is obliged to keep accurate financial records for the business (all sales, purchases, expenses and earnings) in order to satisfy HMRC requirements. Annual tax return self-assessment is mandatory to report income tax and National Insurance Contribution type 2 & 4 payable. HMRC allows tax return filing deadline of 31 October (paper based) and 31 January (filed electronically) of the year following the end of tax year that the return relates to. Sole trader will need to register his company for VAT return if the turnover for last 12 months exceeded £85,000.

Our Accountants are always keen to come to help with your tax return, payroll, VAT return and others..
Acting as your agent authorised by HMRC, we guarantee that service performed is reliable and lawful.