HRMC introduces new interactive tool for self employed people

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and updated guidance for those who are already self-employed and those considering becoming a sole trader.

The new tool explains what records a self-employed person may need to keep, taxes they need to register for and that may apply to their business, and includes other useful information, such as how to pay a tax bill.

HMRC’s new Set Up as a sole trader: step by step guide can help people who work for themselves understand the situations in which they may need to register as a sole trader and how they can do so and what their tax obligations will be.

The tools can be used on an anonymous basis and are only for information purposes. Using them will not result in being registered as self-employed or any information being disclosed to HMRC. The government has said that they do not collect or store any information about the user.

If you are unsure about whether you may need to register as self-employed and what the wider tax implication of this would be, please feel free to contact us and ask for one of the tax team who will be happy to assist.

See: https://www.gov.uk/government/news/new-support-for-small-business-from-hmrc

If you would like more information on our Business Tax Services or have any queries please contact Joe Wilson on 023 8046 1237 or email Joe Wilson.