Do you have a lot of questions about Income Tax, National Insurance, business records and expenses?
HM Revenue and Customs (HMRC) have created an exceptional online learning service to help you understand all the financial elements of settting up your own business, click here to access the e-learning course.
The course will take you through a variety of financial areas related to self-employment. The beauty is, that you can do it at your own pace, and it’s interactive. The aim of this e-learning package is to give you, as a self-employed person, information on what you need to do to stay on the right track with HMRC and save yourself time and money.
The course should only take up an hour of your time but it will cover elements such as:
What you must do when you start your own business
Your legal requirement to advise various authorities
The time limits you have to do this
How to register your self-employment and run through this using HRMC online
Introduce to you the benefits of electronic communication with HMRC and create your online account
What records you need to keep
What expenditure you can claim against your business receipts
How to register for VAT
Taking on employees
Some early thoughts on planning ahead and retirement
Introduce you to various websites where you can get help and access more detailed information