A self-employed career?
Becoming self-employed is the simplest way of starting a business and it calls only for a few basic formalities and here are a few guidelines:
- You are only required to advise the government that you have started
- You need to ensure that your trading name is not an existing Limited Company name
- You are not required to register your business name with anybody
- You are not required to publish accounts.
- You become responsible for paying your own National Insurance (NI) and Income Tax
Straightforward? Well it basically is, but there are a few cautions...
- If you are starting a business on which you will depend for your earnings and to pay your household expenses, it is important to get it right and to see past the deceptive ease with which you can get started. This means a good Business Plan comes first
- Becoming self-employed successfully might call for you to learn some new skills and knowledge that will show you how to be self-employed profitably
- There are a few more recommended actions you should take; e,g, banking, insurances etc.