Hi folks,
I have some freelance work coming my way (hopefully).
Can anyone please tell me the process for setting up as a freelancer?
Do I have to register with HMRC before I do anything else
If I quote my client before I register with the HMRC will I get fined?
Can I defer registering with the HMRC until after April and the new tax year?
Thanks folks
This should apply no matter what country you are in, but get a separate checking account for the business transactions and keep it as separate from your personal expenses as possible. Also, keep good documentation of all income and business related expenses. This way it makes it much easier to do taxes at the end of the year, and makes it easier to prove income or expenses. You’d be amazed how many times I run into freelancers and independent contractors that have no separation between their business and personal finances.