Becoming Self-Employed: Wednesday 8 October 2008

This was aimed at the newly self-employed and the stress was on record keeping. The Session started with an overview of the difference between employment and self- employment and moved on to cover HMRC’s registration process. The self-employed pay National Insurance Contributions (Class 2/4) and information was given on the benefits which arise out of the payment of Class 2.

The main Session of the Workshop covered record keeping, why you have to keep records, the type of records needed, supporting documents, setting up a records system, etc. This session was supported by practical exercises and explained what is meant by Turnover and Expenditure and went on to explain the difference between Revenue Expenditure and Capital Expenditure. Allowable and disallowable expenditure was also discussed. Expenditure associated with the use of a vehicle was covered.

The Workshop finished with a short session on the time limits for sending the Return to HMRC on paper or over the Internet.

Images can be found under Self-Assessment for the Self-Employed.