A Quick Guide: Freelance & Self employed Tax and Accounts:
Entering the world of the Freelance & Self employed means having to deal with annual accounts and tax returns, whatever the size or structure of your business. It can all seem daunting and overwhelming at first, but following a few simple rules and processes will make keeping your accounts up to date as straightforward as it can be.
Coconut’s Elaine Clark – who is also the Managing Director for CheapAccounting.co.uk – provides IMS StratNews with this exclusive and excellent quick guide, which will take you on a whistle-stop tour through the maze of rules and regulations for Freelance & self employed workers, giving you a taste of what you need to know to get started!
Starting to trade
As soon as you start to trade you need to register your business with HMRC. However it’s not always clear when your business formally starts, as you may have some pre-launch tasks to do, stock to buy or contracts to secure. Unfortunately HMRC isn’t much help either as they provide no guidance on the definition of starting to trade. The best approach is to register with HMRC sooner rather than later and, in particular, before you make your first sale.
You can do this online at https://www.gov.uk/log-in-register-hmrc-online-services/register
For more valuable details on tax and accounts requirements for freelancers and the self employed read the full guide from Elaine Clark via our Gold Membership at https://www.imsstratnews.com/freelance-self-employed-tax-requirements-coconuts-elaine-clark/#.W8DVfRNKhTY
Main image by Dmitry Ratushny
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A Quick Guide: Freelance & Self-employed Tax and Accounts: Entering the world of the Freelance & Self-employed means having to deal with annual accounts and tax returns, whatever the size or structure of your business. It can all seem daunting and overwhelming at first, but following a few simple rules and processes…- Award winning Elaine Clark, who is a specialist in advising the self-employed and small businesses, has been appointed to the advisory board at Coconut. The firm is an exciting automated smart business current account, built for the unique needs of freelancers and self-employed people. It offers this group the accounting…
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