HM Revenue and Customs (HMRC) = Self-Employed
If I would want to focus only on portraiture and mostly working in my own studio becoming a self-employed would be a good idea as I enjoy working on my own and dealing with customers in my way. Becoming a self-employer means that I have responsibility of the business that I own and its success or failures. However the fact of being responsible for my whole business and the beginning sounds very scary to me but here I have found more information about getting started, what it caries etc.
What counts as self-employed?
https://www.gov.uk/working-for-yourself
-Self-employment means that you are your own boss where you have your responsibilities to lead the business on your own. Being self-employed means that you have to do your tax, hire people, decide when you are working, what space you will be in and simply provide everything that is needed for the business on your own.
How to register as self-employed?
https://www.gov.uk/set-up-sole-trader
- You need to set up as a sole trader if any of the following apply:
-you earned more than £1,000 from self-employment between 6 April 2018 and 5 April 2019
-you need to prove you’re self-employed, for example to claim Tax-Free Childcare
-you want to make voluntary Class 2 National Insurance payments to help you qualify for benefit
Self-employed registration form:
- You’ll need to:
–keep records of your business’s sales and expenses
-send a Self-Assessment tax return every year
-pay Income Tax on your profits and Class 2 and Class 4 National Insurance – use HMRC’s calculator to help you budget for this
-You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business.
- VAT
-You must register for VAT if your turnover is over £85,000. You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT Name your business
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