If you are self employed this means that you work for yourself rather than for an employer. Being a sole trader means that you are self employed but you are the sole owner of your business. Within 3 months of becoming self employed you should register with HMRC for self assessment tax and class 2 National Insurance.
You will be taxed on your profits, so you will need to keep track of your sales, purchases and expenses and be ready to report your profit & loss at your year end.
T&D Bookkeeping can help you with your bookkeeping transactions, and your self assessment tax return, contact us for more information.
There are various support schemes in place for the Self Employed and small to medium size business, and this is constantly being updated, the latest updates were announced on 3rd March in the budget. Use the link below for the latest information directly from HMRC.
Here are a few support schemes currently available.
Extension to the Coronavirus Job Retention Scheme (CJRS) to September 2021.
Self Assessment Income Support Scheme - Fourth & Fifth Grants Confirmed.
VAT Deferral - Deferred VAT payments from March - June 2020 can now be paid in instalments.