Formalities after registration

Permits, licences and permissions

The registration with HM Revenue & Customs as self-employed is sufficient in most cases to run a business. However, sometimes you have to obtain additional permits, licences or permissions from the local council or other public bodies to offer your services or merchandise. You probably will need:

  • Council’s permission to run for instance a restaurant, street trading or nursery.
  • Planning permission to rebuild your property for business purposes.
  • Landlord’s permission to operate a business in rented premises.
Employing people

As self-employed you have the right to employ people under the same conditions as any other business or company. In practice, this means that you have to:

  • Register with HMRC as an employer before taking someone on.
  • Operate the PAYE system in order to deduct tax and NICs from your employees’ salaries and wages.
  • Pay salaries and wages to your employees in accordance with their employment contracts.
  • Provide your employees with the PAYE documentation (Payslips, forms F60 and F45).
Registering for Construction Industry Scheme (CIS)

The Construction Industry Scheme (CIS) stipulates how contractors must handle their payments to subcontractors in the construction industry. All types of construction and building businesses and companies, including the self-employed must comply with the CIS requirements.

 

Hence, if you intend to work as a contractor or/and subcontractor in the construction business, you must register with HM Revenue & Customs for the Construction Industry Scheme (CIS).

 

Capital Business Links Ltd have been successfully dealing with CIS issues for years, so if you have any enquiries concerning CIS, please contact with us on the telephone number 0208 567 99 44 or at our e-mail address.

Accountancy

A self-employed person has to do bookkeeping and accounting as any other business or company. You may keep your accounts on your own or employ an accounting company such as Capital Business Links Ltd to record, classify and summarize your invoices, receipts, bank statements and payroll.

 

Business accountancy is not an abstract and useless activity. On the contrary, it is supposed to assist you in running a business on a daily basis. Professional and up-to-date bookkeeping and accounting serve to:

  • Assess your Income Tax and Class 4 NICs after the end of the tax year.
  • Control and balance accounts with your suppliers, customers, banks and employees (payroll).
  • Communicate financial information and prepare financial reports about a business.
  • Prepare financial documentation for investments, bank loans and insurances.
  • Deliver reports on inventory and assets.

Capital Business Links Ltd provides its clients with professional accounting and bookkeeping services. You can learn more about our offer by contacting us on the telephone number 0208 567 99 44 or at our e-mail address.