Advantages

• Quick and easy to start
  
• Simple record keeping (it must however be proper accounting records)
  
• Keep all profits (after tax)
  
• Little or no legal formalties or regulations

Contact a solicitor or accountant

• Liable for all the money our business owes
• Personal possessions at risk
• Have to do it all
• Taking time off could be a problem
• Holidays and sickness are unpaid

• No formalities if you are using own name for name of business

• Can use his or her own name
• Need to display name and address on premises and stationery

• You must register as self-employed with Inland Revenue within the first three months of full trading
• You need to inform the local Tax Office and your local Job Centre where necessary

Newly Self-Employed Helpline 08459 15 45 15 8am - 8pm, 7 days a week

To speak to someone in Welsh call 08457 660 830

Minicom users: 08459 153 296

• You will normally pay Class 2 NI and Class 4 if profits are above a certain limit

• You must register if your turnover is £54,000 or more in a 12 month period

Custom & Excise: 0845 010 9000

• As a self-employed person, you can take on employees