Whether you are a small to medium size business or a subcontractor you will need to register with HMRC for Self Assessment tax.

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.

Covid-19 Government Support

The furlough scheme ended on 30th September 2021 along with various other government support schemes that were put in place to support business through the pandemic. 

 

There are however some areas the Government are still able to support and they have provided a helpful support checker which takes minutes to complete to see if there are any areas you can claim Government support.

 

Use the link below to be directed to the current HMRC "Business Support Finder" page to find out what support is available for you and your business.

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