Futurelink News
Drilling activity on the increase in the North Sea.
Drilling activity in the North Sea has been on the rise in the past 3 months, according to figures from Deloitte. Read More >
How to register as self employed
If you are new to self-employment you have 3 months to visit your local DSS (tax) office to confirm that you are running your own business. If you fail to register within this time you may incur a penalty of £100. If you do not register at all you will be breaking the law and could be liable for further penalties.
To register the following forms must be completed:
- CWF1 – Becoming self employed and registering for national insurance and/or tax
- CF351N – Application to pay national insurance contributions by direct debit
These forms can be obtained from Futurelink or through the HMRC website. If you need assistance with self-employment registration we recommend you call the national helpline number on 0845 915 4655.
Once you are registered and have elected to pay Class 2 national insurance you should receive an HMRC self assessment tax return sometime in April of each year. You will have until the 31st of January the following year at the latest to submit your return. Please contact us on 0845 620 9255 if you need professional help to complete the return.
You will need to put aside a portion of your earnings for tax payments as you will receive your income from Futurelink without the deduction of tax. We recommend setting aside approximately 20% of your income in anticipation of your tax bill.
Not a sole trader or independent contractor?
We can still help, take a look at our other services below.
Hadden Business Solutions