How to become self employed in the UK
Vložit
- čas přidán 16. 06. 2024
- This is a video all about becoming self employed for the first time in the UK. I'll take you through some of the steps you need to consider and show you the whole HMRC registration process so you can tell the UK government that you're now self employed! I'll touch on business bank accounts and insurance and also tell you what you'll need to have prepared before starting the registration process.
Read the full article here: smallbusinesstoolbox.uk/small...
Help to support this channel directly - join and get extra member-only content at:
smallbusinesstoolbox.uk/member/
Here's some affiliate links to more products I use or would consider using - read more about affiliate links at the bottom of this description:
Tide for business banking: rebrand.ly/sbt-tide
SiteGround for web hosting: rebrand.ly/sbt-siteground
123-Reg for domain names: rebrand.ly/sbt-123reg
More articles here: smallbusinesstoolbox.uk
Disclaimer:
I'm not in any way qualified to give you accountancy, tax or legal advice. Always use a good accountant. My opinions are my own and don't necessarily reflect the views of the companies I deal with. I sometimes use affiliate links - these don’t cost you a penny and help to keep this channel running. Read more about affiliate links here - the fairest way of funding the internet: smallbusinesstoolbox.uk/affil... - thanks so much for your awesome support!
#SmallBusiness #BusinessTips #SelfEmployed
If you've found these videos useful you can now support my channel directly (i.e. not Patreon). You get access to spreadsheet template downloads, comment on articles and more. A small investment for your growing business - join here: smallbusinesstoolbox.uk/member/ 👍
Hi, I'm starting on setting my own business up, I will need to buy a van, and was wondering how do I go about putting the cost of the van through the business? / tax return? would I need to set the business up first, or buy the van then set it up after, as I guess I will need to earn enough money in in the first year to claim the van as taxable? thanks
Sole trading from home on eBay? I’m not hoping to make much just to pay my bills I’ve just sold from home items but want to expand eventually
Do u have Instagram
So hard to find nice content like this. I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability
Invest globally in bitcoin, gold, silver, forex market, commodities. Just don't be left out and save yourself
Please can you look making a video about becoming self employed but in full time work
@Jason Burns what if you don’t need any video but a guidance from an expert will definitely go a long way for you like it did for me .
You can connect to her on what@pp or check her @ Sophie Clare Williams on google
You can connect her google @ Sophie Clare Williams
Or via what@pp
+1 ( 5 1 8 ) 7 4 1 - 4 0 5 0
Thank you! Priceless support, I do highly recommend this guide.
Thanks so much! This is something they should honestly teach in school! This is the first I've learnt about paying tax and I'm a freelance artist (have been for about a year) and I knew pretty much nothing about paying tax! Now I feel I have a decent grasp and have completed my registration as being self employed!! Can't thank you enough x
No worries and totally agree this should be taught in school. 👍
Can i ask if you were earning much when you did self assessment?
I'm so so grateful for this tutorial! Thank you!!
Thank you so much for your videos, I was finding it so hard to get my head around everything.
I'll recommend you to everyone.
Thank you very much Andy! This has been unbelievable helpful!
You answered all the questions I had in my mind👌🏾 very good video thank you
Thanks a lot. Very clear and straight to the point. High quality stuff.
This is the most informative video I have seem thank you so much.
You're an absolute life saver! You've just guided me through this process - Thank you so much! SUBSCRIBED! :)
You don't know how helpful this was to me. Thank you so much!
I cannot thank you enough for this information Andy. You're a star. Cheers
Thank you. Perfect, calm way to get us newbies inducted 👍
Thank you for your perfect explanation I been looking for months about self employment and you sort all my questions!!!
Great tutorial, I now feel confident enough to register my business with HMRC. Will also follow your other tutorials.
Fantastic video. You explained everything well. I'm a lot less nervous about the prospect of having to do this now! Thanks!
This tutorial video was actually really good, Thank you very much!
I'd like to thank you for the help this video has done for me don't think i would have managed it without
Thanks Andy, informative video. Just built a garden workshop for a bike repair business and I'm stressing about a few things. This was a good start. Looking forward to seeing what other videos you have. Very helpful and easy to grasp 👍
Thank you so so much. I have totally subscribed to your channel. I was dreading this and done in 10 minutes. 🙏
yooo you are the goat thanks.
Fantastic videos, a lot of information but clearly explain in a language easy to understand. Thank you
Thank you for sharing knowledge with people
Very helphul, i was looking at you and i done imediatelly, great video. Good luck mate
Absolutely brilliant !!! can’t thank you enough you have helped me so much ✌️✌️✌️✌️✌️
Thank you, very clear and straightforward.
Thank you very much - this video was really helpful when setting up!
No worries - best of luck! 👊
This video is very goo and informative, I was so scared of doing it myself but he explains it so simply and easily. All the info is still all relevant in 2020, the website might have changed slightly since 2017 but it helped me through it step by step. Thanks so much and would recommend watching for anyone starting up as a sole trader.
This is a great clear and understandable video thanks for that! 😁👍
Very helpful video thank you so much !
Very nice and informative video .I m very happy to watch this .I m very thankful to u sir .
Great man
Thank you for this video very helpful👍🏽
Just registered a sole trader. thank you so much this was very helpful
Thank you for such a great video
This is great. Really clear. If you ever remake this its probably worth mentioning that if you employ someone (even part time) then there is a legal requirement to have Employers Liability Insurance
Very helpful, thanks. Not done the return yet but hopefully still time.
Bloody hell. THIS is the video I was looking for. Outstanding.
Thank you for the sharing this info! Currently looking to start up my mixed martial arts personal training business and this video really helped :)
Fantastic stuff - best of luck! 👍👊
Absolutely great video, thank you so much.
No worries!
This video has made my anxiety of registering literally drop down to zero
Glad you found it useful! 👍
@@SmallBusinessToolbox How can you get a good accountant when you're on Job seekers allowance ? 😂
If people are still signing on and claiming benefits , would it not be impossible to start your own business and setting up a PayPal business account without having your benefits stopped ?
There are so many videos on business but none on the reality of those who are signing on and wanting to be self employed.
Your 2nd chanel. Excellent mate. I will watch all these vids tonight after work
Cheers Scott! (technically this is my 5th channel... don't ask... 😂)
Thank you so much for this video 👍
Thanks, great info well explained
I followed along at home. Cheers for this!
No worries! 👍
Great video, thank you so much for this helpful tips.
No worries! 👊👍
thank you very much, a very reassuring video
Thanks for this! The whole process seemed very daunting before I watched your video!
No worries!
You helped me, thank you.
Thank you very much for this video! I have been self-employed for half a year, and I only realise I need to register myself now. Looking at instructions online was very confusing. And this step-by-step video made the registration as a sole-trader clear and easy. Thank you again!
No worries - best of luck! 👍
thank you so much for this!!
Thankyou so much, this was excellent!
No worries! 👍
Thank you very kindly.. This video was helpful..
Thank u so much for this info
Good video - very helpful
Next month I’ll be sole trader self employed, thank you for this video!
Best of luck with your business! 👍
Great video.Really helpfull. thank so much.regards and have a nice day.
No worries! 👍👊
Thank you for this. Until I found this video I was very confused and I almost gave up! Thank you.
just starting up as a sole trader in a commercial property as a holistic massage therapist , videos are so helpful and clear thank u
Awesome - best of luck Lucy! 👍
Thanks for this, really very very helpful, ive just watched again for probably the 3rd time and followed everything while i filled it all in online. Had a few issues half way through where it wouldnt recognise my email so just went back to the begining and started again, hope its all gone through ok as i was issued with 2 seperate ID numbers.!!! thanks again i will be following you for more fab advice. :)
Unusual on the 2 ids - best of luck! If in doubt give HMRC a bell and they'll be able to help. Don't be surprised if you don't hear anything for a while now. 👍
Awesome! Thank you Sir.
Thanks my English brother! Very helpful
Been watching your Gosforth handyman channel for a while and have been looking to possibly go self employed saw on one of your vids you linking to this channel. Its been a fantastic help. My daughters boy freind s mum is a retired HMRC person and she has said should I take that plunge she will advise on how to get started and what is allowable. watching the vids picking up loads of useful info. Next I need to learn how to keep records in spreadsheets lol
Thank you and best of luck! 👍
Thank you so much for this video. I've started my own business through eBay and was getting a bit overwhelmed with all the HMRC process but you have made everything so much more clear for me and taken my worry about the resignation process away. It's not nearly as hard as I was thinking. So thank you again.
No worries and welcome to the world of self employment! 👍
it was really helpfull thank you !
Just registered: This was really helpful!
Cheers - best of luck! 👍
Big help, thanks!
No worries Adam! 👊
Thanks that really helped.
I nearly didn't play this video and so glad I did as it led me to watch your others. After years of being to anxious about the possible complications of self employment you literally answered and simplified everything thank you for sharing your knowledge.
really helped me, thank you
No worries Sharon! 👍👊
Easy to understanding
Hi Andy. Very good video as always. It can be a bit of a minefield to navigate the government gateway/HMRC registration process - you can find yourself seemingly going round in circles at times - and they do seem to change the look/links far too often.
There seem to be too many routes into the government gateway and it is not always clear whether you have just registered for a gateway account or actually successfully registered as self-employed. I (in the day job as an accountant) often find that newly self employed clients tell me they have registered as self employed - but we then find that all they did was set up a gateway account rather than registered and got a UTR.
Couple of points to add....
Very worthwhile mentioning voluntary class 2 NICs - it’s a very cheap way to clock up a qualifying year for state pension - note that the new state pension requires 35 qualifying years rather than 30.
For VAT, the compulsory registration threshold is assessed on a rolling twelve month basis (always looking back 12 months from the current month for the 85k) rather than per tax year - which can catch some people out - especially if they leave it until December/January to get their figures together and find they should have registered months earlier. Your advice about knowing your numbers and getting on top of them from day one is very important.
Keep up the helpful advice - it’s great that you share your knowledge and first hand experience on a platform like this. The ‘horse’s mouth’ practical advice is often much better than coming from the (sometimes intimidating) ‘professionals’. But thanks for the shout out for the value of a good accountant. But you are right to advise people to question what they are told by their accountant - it’s the best way to learn and understand for yourself.
Best wishes.
Rod
Thanks Rod - great to have a view from an accountant too! Great additional points - here's the link to 'Check Your Pension': www.gov.uk/check-state-pension 👍
Thanks that's to helpful 🎄😇🙏
well done mate
Thanks for sharing your knowledge my friend. Really helpful.
No worries! 👍
Thanks for the great videos Andy! I am just staring up my Handyman business and all of your content is really helpful.
Website seems to want me to prove my identity which keeps failing - This is not mentioned in the video so what am I doing wrong?
Thanks so much! keep them coming ;-)
No probs! 👍
Just set up!
Half and hour great job ...good service ..
Super helpful !
Is this relevant to a online business owner?
I want to set up a online shop selling other people’s products.
Great man
Hi Andy, love the channel. Quick question: I'm about to take early retirement and have a big build project ahead of me. Like you, I want to get involved and do a percentage of the grunt-work, order and manage trades and buy instead of all trades doing that and the taking a % for it. I won't be working for a payment as it will be my house. What would you say the best way to move forwards is. Many thanks
Amazing tutorial! Thanks so much!
I am not sure what date should I give for when I started trading (question they ask: 'When did you start working for yourself or when did your trading allowance exemption cease?'.)
Mainly, I started getting some small money from October 2018, but until 05 April 2019 I only made in total around £500, so much under the threshold. If I now want to register as a sole trader to declare tax from 2019/2020, should I state the date from let's say 31 March 2019, or should I go back to Oct 2018?
Your help will be much appreciated! Thanks!
I would to see a new videos about a self employed. Thanks
Very interesting video. Thanks for sharing. I skipped the greater part of filling in the form, since this is too specific only for the UK.
But the last few minutes I watched again fully. it seems there's a lot of discrimination in the world.
In Slovakia the equivalent of the National insurance is also for minimal 30 years. Under a certain turn-over you can pay voluntarily.
The amount which you have to pay is the same is the minimum of National insurance when your turn-over is till about twice that minimal turnover and is at the moment
160 Euro's (per month!!!!!) 1 Euro is about 0.87 British Pounds, I guess) And after 30 years of minimum paying you can receive a minimum garanteed state pension
of about 300 Euro's.
Wow, yes that's very different to over here. Although whether the state pension will even exist by the time I retire is dubious. 😀👍
thank you sir
hello, thank you so so much for your video! its super helpful for such a process.
i have a question though.. now with the pandemic it sees impossible to get a NIN, can i do this process without NIN? or have you got any idea on how to get a NIN in these times?
thank you a lot again!
ana
Very interesting. I would be interested in insurance
Might add that to the list! Cheers bud! 👍
That is a great video explaining a lot for beginners. Just one question: what if a make a mistake answering one of the questions??? Can I fix it after sent?
Cheers
Hi pal ..great vid ..very good advice about paying N I ...please update info as you now need 35 years to get the new state pension ..i am a fan and i have subbed cheers pete
Cheers Pete! Sadly CZcams doesn't let you edit old videos, but this is covered in newer vids. 👍
Thank you for your help, my mind is completely scrambled trying to sort all of this out so I am sorry for the questions! I have been hired by a company but on a self employed basis as an entertainer, does this class as sole trader? Also as I am just starting, I don't have an income yet but I do have money that I need to spend on it before starting. As I have expenses before registering, will I still be able to claim these when I have earned enough to register?
Hi, I've gone through this process and have registered my business, I've received my UTR from HMRC, but where do I find information about my newly formed business? It's not coming up on companies house and I don't know where to find it - where do find the company number for instance. This is all very new to me. Thanks!
Is notifying the HMRC the same as creating a gateway account where you are issued with an ID number and password, so you can then progress further to set up as self employed? Thanks
Hey great video thanks, wonder if you can help, how do I register for first time for self asses to get utr, with an existing gateway account so as not to create a duplicate gateway account. Thanks Dan
Thanks Andy for sharing your knowledge; it's all very useful! I've tried registering a Business Partnership (like sole-trading but with multiple people) online with HMRC and each time I get an application reference number, but then never hear anything more from HMRC. I phoned HMRC and the self-assessment guy I spoke to said they can't see any more than me, so I should try again. Would you have any suggestions for me?
Lol, I can't say it surprises me... To be on the safe side write them a letter and send it recorded delivery. If you don't receive a request to complete a tax return at the appropriate time chase them again. That's what I'd do anyway. Good luck with it all! 👍
hi, thank you for the great content, what if I have a hobby and it brings me some income and I'm thinking to make my self solo trader but at the same time I'm full time employed and I don't want to qued my job, will my action confuse HR/HMRC in some way?
Great video. You forgot to include the link for the profit video.
Haven't done it yet! 😀👍
Video about insucrances please! Keep up! thanks :)
Might do although insurance is a huge subject 👍
Hi Andy brilliant video, i know its an old video but could you help, I am in full time employment and wanting to start a reselling business on the side hoping to make it my full time gig. a couple of questions, i already pay NI with the company i work for Do i still need to pay class 4 on the business, question 2 is i have a gateway number which i set up to sort out my private pension lump sum tax payment, is this a different number to the UTC number you mentioned .Thank you for some very informative info, take care and be safe, Jeff
Thank you for this video, made it a lot more simple. Just one thing though, I came to a page that said I was going to be verified, but I'm confused as to when i'll be receiving a UTR?
I would generally say if you don't hear anything within a couple of weeks give HMRC a bell. 👍
@@SmallBusinessToolbox cheers mate!