Leadership / Values

Company Values & The Relationship

When you set up your own business as a self-employed sole trader or in a partnership, you need to register for Self Assessment with HM Revenue & Customs (HMRC). HMRC will set up the right tax and National Insurance records for you and can help you understand what you need to know about tax and help you to get it right. If you are late in telling HMRC, you may incur a penalty. Not paying your National Insurance contributions puts your right to benefits at risk.
You can find the form you need to register a new business for Self Assessment if you’re a self-employed sole trader or in a partnership at www.gov.uk/new-business-register-for-tax
There are a number of online seminars to help you understand the different areas of starting a business.
Visit www.hmrc.gov.uk/webinars/index.htm to see HMRC’s free online seminars (webinars). Visit: www.youtube.com/user/HMRCgovuk
Topics include:
• Business Allowances
• Construction Industry Scheme
• Corporation Tax
• Employing other people (PAYE)
• Income Tax for the self-employed
• Importing and Exporting
• National Insurance for the self-employed
• Record keeping
• Setting up in business
The different types of tax and contributions you must pay depends on what you do.
Section One of this booklet gives you more information on the different taxes and contributions


Challenge & Solution

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United Kingdom


February 14, 2021