HM Revenue and Customs (HMRC) launched a new interactive online tool and guidance for people working for themselves and individuals considering self-employment.
Aimed at supporting new and existing ‘sole traders’ to better understand their responsibilities, the new interactive tool explains the records they may need to keep, taxes that may apply to their business, and includes other useful information, for example how to pay a tax bill.
People working for themselves may need to set up as a sole trader, even if they have another job with an employer. Sole traders are classed as self-employed for tax purposes, have responsibility for any debts to their business and have some accounting responsibility.
HMRC’s new Set up as a sole trader: step by step guide supports people working for themselves to understand when they may need to register as a sole trader and how to do so. This is presented in 7 simple steps.
There are several HMRC interactive tools available, including one newly launched to help businesses estimate what VAT registration may mean for them.
The guidance and interactive tools are free to use and available on GOV.UK.
With around 100 members any business in Dorset can join Dorchester Chamber from business for £60p/a (no VAT).
