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Im going freelance as of next week and I dont have a clue what I need to setup, I want to do it all online to save hassle or cost ideally
Can someone point me to the right site that steps me over the process and allows me to set it up in a few simple clicks.
Any other advice would be great, keeping my accounts should be easy as it will just be a few invoices every month + expense receipts
thanks guys!
*listens in
leans against the door frame
[url= https://online.hmrc.gov.uk/login?GAREASONCODE=-1&GARESOURCEID=SaAAll&GAURI=https://online.hmrc.gov.uk/self-assessment/&Reason=-1&APPID=SaAAll&URI=https://online.hmrc.gov.uk/self-assessment/ ]I think this is where I did everything[/url]
It's certainly where I do my tax return now. If it it's not this specific page it certainly is HMRC online.
https://online.hmrc.gov.uk/registration/individual
on new user those are the options not sure thats 100%, i know there are some 3rd party sites out there but i just want to make sure there legit and im not missing a trick
sounds like this might benefit a few people on here so thats great also
Ok I filled out the above but its literally just ni number, date company started (today!) and contact details... do they then send me some info like a company number or saying "this is official" or doesnt that happen?
Dont worry im not being silly, just seeing if there is an obvious quick answer, i'll be going to business link or ringing around on monday either way 🙂
no co. number for a sole trader
that's it now, you're in business
what line of work?
web designer, digital technician for film and tv, also do freelance teaching and the odd cinematography roll
need any pr material :D?
just got an email saying they are processing it, I'm on business link now and will arrange a local meeting for a few more queries.
best setup another bank account to keep it all seperate ey! for my business name I just put my name, does that mean if I trade under a business name by law I have to use my name now unless I change it or isnt it that strict for non ltd companies?
Thats it, i was astounded how easy it is. Get accountant? Register with trade bodies? Advertise?
Only have a no. if your limited 🙄
And wait for the marketing companies to contact you by the dozen!!!
something that would be useful, whats the best way of calculating your freelance fee, I dont mean in general im fine with that but a company I used to work for paye will be dealing with me a fair bit but they think working for the same cash as paye is correct... its clearly not as they dont give me sick, paid holiday or anything now... is there a formula to add a certain % on top or a easier way to work it out?
I dont think an accountant will benefit me, something I'll talk to business link about, my turn over will be relatively simple to sort out - maybe 4 clients a month as they are big jobs so its just making sure my expenses balance against my profits 😀
when your a sole trader is all income counted as profit until its spent on expenses?
ie the trick being to keep profits to under 6 or 10k (whatever the cap is now) so you dont pay tax on it?
need to find out if that means I can skip the 2.50 a week ni charge also?
where are you based?
ah actually an important q i need to ask...
do i need a business bank account now - am i going to get charged for this - who is best to bank with if so :D!
or is it as simple as me setting up another current account to manage it all?
Based in the Lake District but frequently work in Liverpool and London - not a stranger to commuting 🙂
I have a business bank account, for one it makes you look profesional, two, the accountant likes it that way so everything is seperate.
I'm with HSBC who do charge for more than 20 cheques a month, i'm always under so it doesn't bother me. Its free for client transfers though.
I was advised to use a old current account in the meantime to see "how it goes" you could change it later.
Yeah., change it later when you're doing really well 😉
No matter how simple you think your business is, do get an accountant. He or she will always save you more than he or she costs. You'll be surprised at what they can claim for you 🙂
No matter how simple you think your business is, do get an accountant. He or she will always save you more than he or she costs. You'll be surprised at what they can claim for you
+1 😉