A person is considered self-employed if he or she runs the business for himself or herself and the onus of making it a success lies solely on him, rather than a third person unless appointed so. Although having a self-employed status has its own share of benefits, not to mention the freedom of ownership it brings along, it is not covered by the employment law. It is advisable and highly recommended to consider various pros and cons of being a self-employed person and must consider the below-mentioned lines:
Speak with one of our friendly experts and find out how we can help you save tax, reduce admin and file with HMRC.
Invalid value
Submitting your details indicates that you are happy for dns to contact you about relevant services and offers. You can unsubscribe at any time.
The number of self-employed workers has been increasing ever since 2001 and as per the statistics, the number of self-employed workers has increased from 3.3 million to approx 4.8 million by 2017. Being self-employed has its own share of advantages such as you are your own boss and have the flexibility and control along with exploring your creative and entrepreneurial side as you grow in your business. However, like any other good thing in the world, self-employment has its own share of disadvantages as mentioned below:
However despite having a fair share of advantages over the traditional employment route, many of the self-employed leave the self-employment route in between for various reasons and opt for the employment option. HMRC has been prudent enough to foresee the possibility of a person shifting from self-employment to employment and thus included the required provisions and guidelines which need to be followed if one wants to do so. Like there is a checklist which you have followed while registering yourself as self-employment with the HMRC, you need to follow the same in case you want to de-register yourself i.e. you must tell HMRC that you have decided to stopped trading as a sole trader or if you have decided to leave or end a business partnership.
On receipt of your notification regarding cancellation of self-employment status, HMRC will then cancel your Class 2 National Contributions (NIC). However, before you go ahead and inform the HMRC about the same, you must take the following actions:
Apart from entrepreneur relief, HMRC allows you to claim a few other reliefs on the Capital Gains Tax, such as
De-registering yourself from being self-employed opens the door to various advantages which you can avail now such as holiday pay, sick pay to name a few and also saves you from the financial perils of being self-employed and as per the adage – No one and nothing is perfect. It is you who have to work to make it perfect and the same goes for being self-employed or employed under someone else.
Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.
dns accountants DNS House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP
0333 060 2437
enquiry@dnsaccountants.co.uk
We're proud of our clients and their success. Find out more about them andthe help and support we provide.
“I recently started my own company and in need of a good accountant. With my friends reference, I started dns accountancy services and I am a quite satisfied with their service. My account manager Sneha Gurudutta was always responsive and guided me a lot especially during my company early days. Keep u the good work.”
“I have been dns for the last 3 months and I am very happy with the service. My account manager Sneha Gurudutta guided me and helped me with all the major/minor steps with the account setup. The weekend support they provide is really helpful. I would definitely recommend dns to all my friends.”
“Unfortunately my son passed away without leaving any contact name of his accountant. I was able to make contact with the firm through HMRC. The staff were very prompt, caring and supportive in settling his income tax account. I was extremely impressed with the efficient caring and supportive service received from all of dns staff.”
“Been with dns Accountants for more than a year I would highly recommened their services. My account manager Sneha has been very helpful and helped with accounts and queries swiftly always! Having a good accountant means you can fully focus on your business, not worry about accounts and tax matters. Thank you dns :-)”
“I have been extremely satisfied with the service I have been receiving close to past 1 year. Very professional, transparent and helpful. Special mention of my Account Manager Minakshi Arora who made my transition very smooth and always ready to go that extra mile to support and make customer happy. Definitely recommended.”
“I've recently set up a Ltd. Company and signed up with dns for my accounting services. I've found it very good value for money and hugely helpful in terms of advice and guidance. I have a named Account Manager, Sneha Gurudutta, who keeps in contact with me and offers advice on line and on the phone... I'm really pleased with the service.”
Limited time only!
Say Goodbye to Bookkeeping Hassles: Nomi offers Free Receipt Processing and big savings!