Self – employed is definitely the simplest and most popular form of running your own business. Regulations in England are made in that manner you can open your own business fast and easily. To register self – employment you ought to have National Insurance Number. You are obliged to register within three months since start your business; if you fail the revenue (HMRC) can impose on you a £100 penalty.
After registration the revenue will send you informational letter with UTR number. It can take 4 – 6 weeks. If you do not get the letter after this time, you need to call the revenue and find out whether they got your request about starting your own business. You will also get first bill for insurance National Insurance Contribution which currently comes to £2, 85 per week. If you expect your income to be very low and do not exceed £6,025 you can apply for exemption, however social insurance contributions in Great Britain are relatively low compared to other EU countries including Poland. It is more beneficial to pay contributions regularly in order to get pension in the future or social benefits in case of inability to work.
After 5th April every year we are obliged to do tax settlement. Self – employed people are included in Personal Income Tax which is 20% from income exceeding £11,500 and additionally National Insurance Contributions Class 4 which is 9% from income exceeding £8,164.
Very important element of every tax settlement from self – employed person is declaration of costs connected with business activity. Correct costs declaration allows us to pay lower taxes or reclaim tax in case of people working in CIS scheme (construction services). In order to do correct costs declaration and avoid problems, settlement should be done by accounting office.
Tax settlements and many more financial matters may make your business hard to run. You have nothing to worry about because you have us. We want your company to be nice and pleasant to run. We will also help you become self – employed.
We invite you to our offices.
For more information please call 0203 4902 919 or 07716 161 381