Becoming Self Employed

In order to compliantly become self-employed there are several things you need to do. Brookson can help you with all of these.

Register as self-employed with HM Revenue & Customs (HMRC) - We complete the registration process for you.

Contact HMRC to register for VAT - If you expect to have turnover of more than £68,000 a year from your sole trader activities (including all income from any other business activities), you must register your business for VAT purposes. In many instances, it may be beneficial to voluntarily register for VAT even if you expect your turnover to be lower. We will also give you advice on whether or not it would be beneficial for you to join the flat rate VAT scheme.

Set up a compliant financial record-keeping system
By using our online tools and monthly management accounts, we take care of all your financial record keeping needs.

Set up a Business Bank Account
It is essential that in order for us to be able to provide our full service and for you to benefit from our Money Manager technology you set up a bank account where we can utilise view access technology enabling us to receive your bank statements daily.

Your New Business Advisor will explain your banking options and provide you with details of the various accounts available.

Insurance
We can offer great value business insurance to meet your needs through our insurance business partner, Kingsbridge.

Pension
Being self-employed could affect both state and private pension planning. Brookson Financial Services (BFS) have a team of qualified independent financial advisers who will happily review your personal situation and explain how you can obtain the maximum personal benefits from all tax reliefs available.

Call us now on 0845 058 1400