Self-employment booms as recovery begins

Posted on July 30, 2021 at 8:18 am

Becoming self-employed is a possibility for many people if they have the suitable skills and experience that will be required, but specific training may be all that is needed to pursue this exciting ambition. As we begin to look forward to brighter times, more and more job-seekers are looking seriously at the pros and cons of self-employment and what it entails.

 If you have been unemployed for a while or made redundant from a job there is help available to retrain in a new trade or even for the start-up costs of setting up your own business. Searching online for help and support is a good way to find out about these issues.

Having decided what your business is going to be, you will need to register as a sole trader with HMRC so that they know that you will be completing a self-assessment tax form and paying class 2 and class 4 national insurance contributions. You will need a name for your business, and it is important to give some thought to this and try to make the business name easy to remember for clients.

A visit to the bank is an essential part of setting up your own business as you will need a business bank account. Do not be afraid to look at other banks rather than simply going to your usual bank as some offer special rates for the newly self-employed.

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