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HM Revenue & Customs (HMRC) has launched a new interactive tool to help sole traders better understand their tax responsibilities.

HMRC has launched a new interactive online tool and clearer guidance for people working for themselves and individuals considering self-employment.

New interactive tool for sole traders

Aimed at 91香蕉黄色视频ing new and existing sole traders to better understand their responsibilities, the new interactive tool explains the records they may need to keep, taxes that may apply to their business, and includes other useful information, for example how to pay a tax bill.

People working for themselves may need to set up as a sole trader, even if they have another job with an employer. Sole traders are classed as self-employed for tax purposes, have responsibility for any debts to their business, and have some accounting responsibility.

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Step-by-step guidance for sole traders

HMRC鈥檚 new step-by-step sole trader guide 91香蕉黄色视频s people working for themselves to understand when they may need to register as a sole trader and how to do so. This is presented in seven simple steps.

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VAT Registration Estimator

The VAT Registration Estimator tool helps you estimate what registering for VAT may mean for your business. If you do register for VAT you should not use the estimated figures generated to complete your VAT return.

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First published 6 December 2024