Last updated: 16 Dec 2024 02:00 Posted in:
An interactive online tool offering clearer guidance for people working for themselves and individuals considering self-employment has been launched by HMRC.
Aimed at supporting new and existing ‘sole traders’ to better understand their responsibilities, the new interactive tool explains the records they may need to keep, taxes that may apply to their business, and includes other useful information, for example how to pay a tax bill.
HMRC said: “Whether preparing a first business plan, finding their feet as a fledgling firm, or already an established enterprise - small businesses across the UK can access the support and information easily and free of charge. And just like UK businesses, our support comes in all shapes and sizes.
“People working for themselves may need to set up as a sole trader, even if they have another job with an employer. Sole traders are classed as self-employed for tax purposes, have responsibility for any debts to their business and have some accounting responsibility.”
HMRC’s new ‘Set up as a sole trader: step by step’ guide supports people working for themselves to understand when they may need to register as a sole trader and how to do so.
Marc Gill, HMRC Director of Individuals and Small Business Compliance, said: “At HMRC, we know small businesses are vital to our economy, and we want to help you get things right from the start. It can feel overwhelming when you’re a new business owner. That’s why we’ve created user-friendly, anonymised tools that give you the knowledge to make confident business decisions.
“We are committed to continue building trust with the small business community. Whether you’re just starting out or growing your business, we’re here with clear, reliable guidance to help your business succeed.”
