We're open: Mon - Fri 9:00 am to 5:30 pm
Experienced Tax Advisors.
copy to clipboard
Email is copied
So many people know what the want to do and never do it. Others make a start but struggle to get the paperwork and the record-keeping right so they end up in a mess. It can be complicated getting started so why not let us help you as we have helped hundreds of other new businesses.
Self-employment is the simplest and easiest way to start a new business. You can keep straightforward records, report the profit on your tax return and pay tax and national insurance on the taxable profit. We can set you up with easy to use software to keep your records and raise invoices, all on your mobile phone if you prefer, and then produce your accounts and tax return for you. All for a simple monthly fee. In addition we will ensure you claim all allowable expenses to legitimately minimise your tax liability (which reduces your accounting cost to start self employment!).
We are asked almost daily whether it would be best to be a sole trader (it means the same as self-employed) or start a limited company. There are several issues you need to understand before coming to a decision about what works best for you.
For the self-employed all profits are taxable in the year they are earned, in addition to any other sources of income, for simple tax returns. There is no flexibility for deferring some of those profits to another year if you happen to have a particularly good year and your annual tax return is at the higher rate.
Yes, you can start as self-employed and later incorporate. In fact, this is a common route when a new business is unsure of how large it will grow and whether the savings will outweigh the costs. If you make an initial loss being a sole trader you may be able to offset the loss against employment income in the same or previous years and obtain a tax rebate.
Much of this will depend on your particular circumstances so you will need to consult a professional tax return accountant near you to ensure that any set up and transition is done properly.
Hi, I'm Ian Marlow and I can help you start self employment
Tenants protection has been a feature of the governments Covid-19 response in a year in which both landlords and tenants have had a difficult time. In particular, measures have been implemented to protect tenants against eviction. These measures have now been passed into law.From the 26 March 2020, the following rights of landlords and tenants...
The second Self-Employment Income Support Scheme grant is now open. If you’re eligible and your business has been adversely affected by Covid-19 on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020. HMRC will tell you the date from which you can make your...
The recently published Finance Bill 2020/21 introduced the new Financial Institution Notice (FIN). A FIN allows HMRC to legally require banks and other financial institutions to provide relevant details about a specific taxpayer. HMRC will use FINs to check a person’s tax position and also to help with debt collection.HMRC must provide the taxpayer with...
HFM Tax is one of the very first accountancy firms in London to launch a free mobile App. Our app is packed full of some really useful Tax Tables, Calculators and important dates. Download now.