Our friends over at LITRG (Low Incomes Tax Reform Group) have just updated their fantastic guide to self-employment, and it is well worth a read.
The guide covers setting up as a sole trader or a partnership and how to register with HMRC. It explains how you can prepare accounts, what business records you need to keep and how to complete your tax return. It discusses all the key tax and national insurance aspects at each stage of the lifecycle of a self-employed business. It includes a very helpful case study showing how to prepare accounts and what to include on your 2022/23 tax return using the cash basis.
There is also information on other areas you may need to consider if you decide to grow your business such as taking on staff or registering for VAT. It also explains what you need to do if you decide to stop trading and has detailed guidance on tax credits and universal credit for the self-employed.
