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Idiots guide to self employment?

Ive had a look at all the sites that give you info so I just want someone nice to explain it simply about if I was to do the accounts myself, how to become self employed and info about VAT? Can I claim VAT? Do i need to be earning over certain amount? I need lots of information as dont want to make the decision lightly

Public Comments

1. You need to register yourself as self employed with the Revenue. If you want to be registered for VAT you have to be bringing in an income of a certain amount (not sure what it is in the UK). Once you are registered for VAT, then you can also claim back the VAT you pay. Go to the Revenue website http://www.hmrc.gov.uk/ and this will give you more information.
2. Hi Stefanie. Have a look here. http://www.hmrc.gov.uk/selfemployed/index.shtml Good luck.
3. Hello Stefanie Contact your local Business Link and Inland Revenue. Both of them run free workshops on starting in business and go through all the basic things that you need to consider. You're right that it's a serious decision about becoming self employed so you want the best advice possible. I run two limited companies and do our accounts except for the year end when our accountant puts them into the format required for Companies House and tax returns. VAT registration is compulsory when your turnover reaches £68,000 or thereabouts - not sure of the exact figure. You can register voluntarily for VAT if you're buying lots of things that you have to pay VAT on. That way, you can recover it but it's offset against the VAT that you have to pay on all your sales. It's not difficult to set up your accounts so that you can do your VAT return yourself. In the early days of being self-employed, especially, it helps if you can do a lot of these things yourself so that you keep your money for marketing your business. That's the important thing - letting people know what you do. Good luck!