All you freelance instructors out there.....

[Equus Leather]

....what do you have to do to set up on your own as a business?

I have managed to gain a few clients now, though I only started out as a favour to a friend. I've got the relevant insurances and things, but need to take that step further I think to be on the right side of the taxman...what do I need to do?

 

[galaxy]

marry someone who's an accountant!

Sorry, that may not be helpful. I know he does a spreadsheet with all my earnings, and works out my costs and he submits a tax return every year. Sorry, apart from that I have no clue!

 

[Equus Leather]

Haha - OH runs his own business, so he'll know, but won't be home till later and I'm inpatient!

Are you not registered as a business?

 

[galaxy]

I'm registered as self employed.... Or rather imformed the tax man I am.... I think.... I don't know! I bury my head in the sand with this sort of thing.

 

[pennyh]

ring the inland revenue helpline , they can do most of the registration over the phone & will send out any help booklets etc they think will be useful to you

you basically just need to know your national insurance number , the date from which you want to be registered as self employed, most other things they will ask you will know off the top of your head

i would certainly then recommend getting yourself an accountant to prepare accounts & file tax returns for you , n=in your line of work the fee should not be hefty & it will remove the stress , make sure you don't fall foul of deadlines , help you to budget for your tax installments & make sure you know what you really are earning & that you are claiming for all expenses that you can in the most tax efficient way pos

 

[Equus Leather]

Ok, thanks penny....can use my OH's accountant I think, he's very good. What do you mean by claiming for expenses?