Sole Trader / Self Employed

Packages

Package 0 – Annual:
– Annual Self-Assessment
– Additional supplement applies if documents not received until January

Package 1 – Monthly:
– Annual Self-Assessment
– Quarterly Bookkeeping Review which includes a tax estimate

Package 2 – Monthly:
– Package 1 PLUS
– Payroll OR Quarterly VAT Returns

Package 3 – Monthly:
– Package 1 PLUS
– Payroll AND Quarterly VAT returns

Checklist

– Obtain Individual UTR from HMRC
– Set up a business bank account
– Complete the checklist with ICO for GDPR
– Business Insurance
– Tax year runs from 06 Apr – 05 Apr

HMRC Gateway account:
> Activate PAYE if required
> Activate VAT if required
> NEVER share Gateway login details
VAT Threshold £90,000 in a rolling 12-month period

Do I need PAYE:
> ONLY if you are employing other members of staff.
> You cannot be on payroll when registered as self employed

When do I need to register?
> Date self employment started
> Next April 5th
> Register by October 5th following the April 5th above
> Deadline is October 5th