How do I know if I am self-employed?
You are self-employed if you run your own business that charges for services or the sale of goods. A sole-trader or self-employed person is not a limited company.Â
Each tax year you must submit a self-assessment tax return to HMRC showing all income and expenditure for your business for that year.
You are probably self-employed if you;
- Run your business for yourself and take responsibility for its success or failure
- Have multiple customers
- Can decide how, where and when you do your work
- Are able to hire other people at your own expense to help you
- Provide the equipment required to do your work
- Are responsible for rectifying any unsatisfactory work in your own time
- Charge an agreed fixed price for your work
- Sell goods or services to make a profit
What is required if I am self-employed?
- Register as a sole trader
- Maintain and keep records of your business income and expenses for your tax return
- Complete an annual self-assessment tax return by the 31 January following the end of the tax year
- Pay your tax and national insurance bill in line with HMRC payment terms
Why use The Orenda Collective to complete your self-assessment tax return?
- Knowing that your return will be completed correctly
- Guidance on tax deductible expenses to optimise your tax positions
- Clear timelines for submission and payment deadlines
- Support all year around for business and tax queries
- Self employed help sheet to summarise the key things you need to know
