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 Registration as Self-Employed

Registering as Self-Employed

If you want to register for CIS or as a sole trader or do any work as self-employed, you will have to register as self-employed with HM Customs and Revenue within 3 months of starting to trade.  Failure to do so could result in a penalty of £100.  You can do this by completing a form CWF1 or calling your local HM Revenue and Customs office. If you would like us to assist you with the process we can assist you for a fee of £50.

Partnership

This is when two or more people combine to form a business unit. The maximum number of partners allowed by law is 20. Each partner receives a percentage of the return of the business, depending upon how much they invested. 

 

Registering as a Partnership

To set up a partnership both partners need to register as self-employed using the same procedure as described above.  Each partner will then fill in the partnership section on their self-ssessment at the end of the financial year.
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 Tax Requirements
As a sole trader/self employed person or company director you will be required to complete a self-assessment and pay tax once a year.
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 National Insurance Contributions

You will also be required to make weekly Class 2 NI contributions of £2.05 per week.  If you earn over £4 895 (during the 2005/6 tax year), you will also become lible for Class 4 NI.

The easist way to make these contributions is by Direct Debit. Further information on setting up and paying Class 2 and 3 contributions by Direct Debit can be found on HM Revenue & Customs website.
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 VAT Registration
If your business earns more than £60 000 during a twelve month period you may be required to register for VAT and make quarterly VAT returns to HM Revenue and Customs. London 1st can assist you in registering for VAT and completing your quarterly VAT returns. Read More...
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 Business Records

It is important that you keep all information pertaining to the trading and activity of your business for tax purposes.  London 1st can assist you with a service to suit your business needs and ensure that your business is kept on track.  Read More...

 

 

 

 
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