Going self employed?

[jimllfixit]

Hi all, do you have to register yourself as a business to go self employed? Or can you just register as self employed to pay taxes etc? I am currently unemployed but have been offered regular cash work by 3 separate companies who don't want the hassle of taking on an employee.
Any useful tips on where to start and what to apply for?
Cheers!

[Ethel]

You do not need to register as a business, but you must inform the Inland Revenue within 3 months - the sooner the better really. Here is the form:

http://www.hmrc.gov.uk/forms/cwf1.pdf

Think very carefully though - no sick pay, no paid holidays, no insurance in case of accidents. If you want to borrow money or take on a mortgage you may find that the interest rates will be higher.

If you go ahead with it you will need to keep simple accounts. Records of all monies coming in and all monies going out in relation to your work. You will have to keep receipts.

Put money aside every week to cover your tax bill in the event that you have to pay tax.

Good luck!

[thugulike]

Business Link have very good packs which tell you exactly what you have to do. Inland Revenue also very helpful. Business Link may have some information about start-up grants for new businesses. I've just been offered �1,000 to help with start up costs and 30% of my marketing paid.