Showing posts with label HMRC. Show all posts
Showing posts with label HMRC. Show all posts

Tuesday, 1 August 2017

WHAT IS A SOLOPRENEUR?


What is a solopreneur  - well according to Wikipedia the word does not exist, but some say it means starting out on your own.

It takes a lot of guts to set up a business on your own and can be extremely lonely but more and more people are giving it a go.

Research says that they are seeing a huge growth in the number of fifty something's (women in particular) who are setting up as one man/woman bands,

Many who start up don't know their own value but setting the right rate is the key first step and something you should review and research well before going on your own.

If you cannot stand to work alone at home and only need a desk then there is always the option to hire a desk, companies like neardesk.com, and deskcamping,com to name a few can help with available spaces where you can work from.  Of course a library is another good free place to set up your space and not feel alone. The Independent Newspaper has written a great article on 'Don't want to work alone, rent a desk instead'.



One important thing to remember when you are working alone is to make sure you have time off, book it into your diary, have a coffee break and a lunch break otherwise you will just burn out and begin to think it was not the best idea to work alone.

Don't forget when you start up that you need to register your business with HM Revenue. Another place for advice when setting up is the Gov UK who offer free help for start-ups.

Monday, 22 August 2016

SOME TAX TIPS FOR PEOPLE WHO ARE SELF EMPLOYED...


Being self-employed is very rewarding but you must remember to keep the tax man informed of your business. Any sources of extra income have to be declared to the HM Revenue and Customs.

As soon as you become self-employed you should inform HMRC either through their website or by calling 0845 915 4515. If you don't let them know you could end up with a penalty.

You will also get a fine if you fail to meet the deadline for self assessment which is 31st October for paper forms, and 31st January for electronic submissions.

You can find out all the information on the HMRC's of how to register for self employment.

Make sure you make full use of your personal allowance, depending on what your other job status is and your age, again you will find details on this on the HMRC's website.

Finally, make sure you keep all your receipts for any purchases for your business as they are tax deductible. To see the full breakdown of what you are entitled to check the HMRC website.