Registering for self-employment is fairly quick and simple, but failure to do so can result in an HMRC penalty. You need to register as soon as your Business is operational. Once you are registered as self-employed you will have the following responsibilities:
- You Must Fill In An Annual Self Assessment Tax Return
- You Must Maintain Financial Records Of The Business
- You Must Pay Your Own National Insurance Contributions
- You Might Need To Register Your Business For Vat & PAYE If You Employ Staff
To register for a partnership each partner will need to register as self employed. As well as this, one of the partners must be designated as the ‘nominated partner’. The nominated partner must register the partnership with HMRC. When registering for a partnership it is advisable to draw up a document outlining who is liable for what.
For advice with registering self employment and partnerships – Call RPA today – 01692 584222