If you're self-employed, you'll have to register your business with HM Revenue & Customs, and fill in a Self Assessment Tax Return every year.

 

If your business is run as a partnership, you'll have to complete an individual Self Assessment Tax Return every year and include the partnership supplementary pages. The nominated partner must also complete a Partnership Tax Return showing each partner's share of the profits or losses.

 

Businesses also have to register for VAT once their turnover goes above a certain threshold.

 

 

HM Revenue & Customs have published a useful free e-learning course for those considering 

self-employment, you can access this by clicking on the link below

www.hmrc.gov.uk/courses/syob/syob/index.html

 

 

More help and information, including the current VAT registration threshold, can be found through HM Revenue & Customs website.

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