HMRC has introduced a new interactive online business tool, alongside clearer guidance for self-employed individuals and those exploring self-employment opportunities.
Designed to support new and established sole traders, the free tool provides detailed insights into record-keeping requirements, relevant business taxes and other essential information, such as how to pay tax bills. This could help whether you’re drafting a plan for setting up a business, tackling challenges as a start-up, or running a more established company.
Supporting sole traders
If you’re working for yourself, even alongside regular employment, you may need to register as a sole trader. Sole traders are considered self-employed for tax purposes and are personally responsible for their business’s debts and accounting. To simplify the process, HMRC’s Set up as a Sole Trader: Step-by-Step Guide breaks down the requirements into seven straightforward steps, providing guidance about when and how to register.
Interactive tools for business success
Among the tools available is the newly launched VAT Registration Estimator, developed in response to feedback from SMEs. This aims to help smaller businesses understand when their turnover might require VAT registration and how it could impact profits. It offers guidance on registering your business, employing staff or navigating VAT requirements.
Commitment to small businesses
The new tool demonstrates HMRC’s dedication to supporting small businesses. Setting up and running a business can feel overwhelming. The tools help those new to the SME world make confident business decisions. They’ve been designed for informational purposes only, ensuring users won’t be registered for taxes, and no personal information will be collected or stored.
To discuss any of the financial aspects of setting up, and managing a business, please get in touch with our friendly team, based in the heart of Chichester.