Re: Self employment advice?


"A.Lee" <alan@darkroom.+.com> wrote in message 1hy3dnw.llzpy2d5ycm8N%alan@darkroom.+.com">news:1hy3dnw.llzpy2d5ycm8N%alan@darkroom.+.com...
Firstly apologies if this is the wrong group, though it does seem to be
the nearest to my query.

I'll be leaving my employment in July, and setting up myself as a Sole
Trader.It is 15 years since I last wasnt in employment, so my knowledge
of such matters has rapidly departed.

Who do I need to contact to tell that I am now self employed?

HMRC - go here for info, and click through "Register as Self Employed" when you ready to start. You MUST register by end of 3rd complete month after starting.
http://www.hmrc.gov.uk/selfemployed/



I will be buying equipment for my business soon, I presume it is OK to
buy plant and tools, before I start trading?

Yes. Keep all financial paperwork, of course.


Accounts/tax - when I was S/E before, I did all of my acccounts and tax
forms myself, is this still possible, or is it more advisable to get an
accountant doing the work for me? (this will be a low turnover
business, less than £20k for the first year).

It is perfectly possible, but whether you'll end up paying more tax than necessary is hard to say. You could talk to "small" s/e people you know to get names of accountants and then get quotes / free initial consultation etc.


--
Martin

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