As i intend to be self employed i thought it be necessary to look up some important information to prepare myself for being an independent designer.

Must register to be self employed- (tax return number – 08459154515)

Create separate business account; very important to keep business finances separate to personal finances.

set aside at least 18% income for tax.

Keep invoices and reciepots for all business transactions, such as expenses. this can include materials, software, equipment, fuel/travel etc.
– if using fuel keep a mileage record

Register within 3 months of starting self employed – to avoid any issue with tax.

5th April is the start of the tax year, but you can register at any point.

You are still able to claim back on expenses made before registering, providing you have the correct paperwork/receipts.

https://www.gov.uk/vat-registration/how-to-register

https://www.gov.uk/working-for-yourself/what-you-need-to-do

 

Advertisements