Steps to Register as Self-Employed with HMRC
Starting a journey as a self-employed professional in the UK can be incredibly rewarding. Whether you’re diving into freelancing, launching a small business, or creating a side hustle, the first critical step is registering as self-employed with HMRC. In this 2024 guide, we’ll walk you through every step, from understanding your responsibilities to completing your registration with ease. What Does Being Self-Employed Mean? Being self-employed essentially means running your own business, working for yourself, and taking charge of your income. Unlike employees, who receive a paycheck from an employer, self-employed individuals generate income from their business activities. Self-employment covers a wide spectrum, from freelancers and consultants to small business owners and tradespeople. Key Advantages of Self-Employment: Control over work – Set your own hours, choose clients, and decide on services. Potentially higher earnings – No salary cap and full ownership of...