How to Go Self Employed
To become self employed means starting up your very own business. It is clear that in this way, you are the boss of yourself, not employed but also not unemployed. This is mostly what everyone wants, the ideal dream of every individual especially those who treasure their pride and reputation too much.
However, every dream has their own nightmare and in the case of being self-employed the nightmare is the challenges that you will have to encounter and overcome.
Become a Sole Trader
Certain matters need to be fully settled with when one decides to become self employed. This may take some time. There is however a way to make it a bit faster than usual and that is by becoming a sole trader. Becoming a sole trade self employed is much faster because it only involves little paperwork to attend to. In addition to this, there are no fees attached in this kind of career or any other charges.
In order to become a sole trader self employed, you will have to choose a name for your business. Make sure that the name that you have selected is not yet used by anyone in the business world. You can do this by checking the business names online. Once you have chosen your own business name, do not forget to notify the HMRC that you are going to be self employed. This is very important since this has been required by law. Once it is approved by the HMRC, you are now free to operate your own business. But always keep in mind that when you have become self employed; you are going to be required to pay annually through tax return as well as self-assessment.
Important Legal Matters
In addition to the above stated information, there are also other legal matters that are involved and must be complied with when becoming a self employed. One of which is acquiring a license. This is mandatory not only to self employed businesses but also to other types. If you cannot acquire one, then you will have no right to operate your business. Typically, the process of acquiring a business license is examination or a training which an aspiring self employed businessman must undergo or both. It will also be possible that certain individuals who are duly authorized is going to conduct an inspection on you and your business.
Furthermore, you also need to contact the authority in your locality charge with the responsibility of checking business rates. Ask them if you are going to pay any business rates or not. You will also have to register for your Vat with the help and assistance of the HMRC. Once you accomplished complying with the necessary requirements, then it is time for you to set up your own system on keeping track of your financial concerns.
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