What Do You Need to Do to Turn into Self-Employed?
If you are finding it challenging to continue your regular job, you can simply start your own business and become self-employed. You can start up your own business and run it from home after you become self-employed. You can become self-employed and continue working on your day job. Once you are sure that this is right for you, you can quit your job and focus entirely on your business.
However, before you'll become self-employed, it's a must to follow certain steps including registering with HMRC, VAT, and getting a business account. The other things you will learn about becoming self-employed are not mandatory.
Registering as self-employed with HMRC
When you are working as a freelance contractor, you should inform HMRC of your status. Although you can continue working without informing HMRC, you may have pay some penalties at some time.
The easiest way to inform HMRC is to register for business taxes. You can register online telling the HMRC about your business. HMRC will setup tax records accordingly including self-assessment and NI. If you have people working for you as employees, HMRC will also setup PAYE.
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