Setting up as self employed sounds scary!
No fixed salary, no paid sick days or holiday, and you’re running everything. There’s no HR to email if you have a problem, and no boss to organise your work and tell you what to do. For most self employed workers, you’re on your own! And it’s exciting.
You are in charge of your work and your day, and you are in control!
I would assume if you’re reading this for advice, you already have a business plan set up and ready to go. If not, read my post for tips on how to start your own business! http://mummysmission.com/business/tips-start-business
Becoming self employed is super easy and takes about 15 minutes to do. Follow my step by step guide below to get yourself on your way to boss status!
Setting up as self employed.
Firstly, are you already in paid employment? If so, check with your employer/HR to see if you can register as both, as some employers do not allow this.
If you’re out of work for whatever reason, it’s very straightforward.
Secondly, you need to decide if you are going to be a sole trader, a partnership, or a public limited company. Each has their own requirements, so check out this link to find out what suits you best.
Find out if you need any permits, licenses or certificates to run your business. You’ll want to have these approved and up and running before you start trading.
Follow this link to register as self employed with HMRC –
You need to declare self employment so that you can start paying your national insurance contributions (unless you’re on tax credits), and to get yourself a self assessment account set up.
Once you’ve filled out the form, you’ll recieve a unique number in the post. You must keep this safe as it is how you log into your online account!
They asked me to send them proof of business when I applied. So I sent them business cards, my business plan and social media screenshots. Thankfully, I received an acceptance letter a few days later to say that everything was fine and it was just standard procedure. So if this happens to you, don’t be worried. I was worried to say the least that because of my industry there would be problems, but business is business!
Once you’re all set up with HMRC – you’re pretty much good to go.
Some other things that would help but are NOT essential:
You can open a business bank account
Set up a PO box if you’re working from home and don’t want to give out your home address
Get any protective insurance you feel is necessary.
If you have any extra tips, let me know in the comments. I hope you found some of this useful and it helps you on your way!
Check out my post on Tips To Start Your Own Business – http://mummysmission.com/business/tips-start-business