If you want to start your own business without unnecessary formalities, your best bet is being self-employed. In order to do this, all you need is a National Insurance Number, a UK address, and 183 days of residency in the country.
Choosing to be self-employed, you get a considerable tax-free Personal Allowance, low National Insurance rates, and a long tax period. Furthermore, it is simple to keep accounts.
To become self-employed, all you need to do is to register with HMRC, giving the personal details that they will ask for. If you want to have a construction business, you must also register with the CIS.
As a business owner, you will have the option of hiring an unlimited number of employees, however this will mean more formalities, for example registering as an employer with HMRC.
Costs resulting purely from running your business (allowable expenses) can be deducted from your income. This will mean a smaller profit, resulting in a smaller tax.
If you are a resident in Great Britain, you can legally offer your services before you set up a business. When you begin working for yourself you are classified as a sole trader. The next step is registering with HMRC as self-employed. This should be done if:
Being self-employed brings many benefits which are especially important when setting up a business. Firstly, you are flexible, and you decide how much time you will spend at work. The running costs are relatively low, as you get a significant tax-free Personal Allowance, and you pay low rates towards National Insurance. Additionally, you don’t have to keep detailed accounts.
Being self-employed also comes with a certain degree of risk. As self-employed, you take sole legal responsibility for your company’s debts. What’s more, transferring from self-employed to a different form of business tends to be quite difficult.
If you plan to start a business in the UK, but you don’t know where to begin, just let us know!
Here is what we can offer:
The service we offer involves all formal and accounting aspects linked with running a business. With us you don’t have to worry about any formalities which you must remember when starting and running your own company because we will take care of them for you. Thanks to this you will be able to give 100% to your business.
When working together with us, you always know how much you will pay, and what you’re paying for. Whenever possible, we draw up the total costs right at the very beginning, so you don’t have to worry about any hidden fees. Our advisors are waiting for you to contact them. We are available every working day from 9am to 5pm. Just drop us an email or give us a call, and we will respond as soon as possible.