Responsibilities

Business Structure Review

The 123 Way

What is included as standard for a fixed fee of £65.00 + vat per month:

Full Contracting health check - is your business performing as best it could - we'll ensure it is.

If you're new to freelance contracting, we'll ensure you start trading in the right way.

Then you can sit back and relax, your ongoing HMRC & Companies House compliance will be taken care of.

The 123 Way - simple & stress-free.

As a Sole Trader you have far fewer responsibilities than Directors of Limited Companies.

You must keep up-to-date financial records and books for your business that can be inspected by HMRC.

You must file a personal self-assessment tax return once a year with details of your freelance income in the form of business trading accounts.

You must keep all of your financial records for 7 years so they can be inspected.

If your turnover is expected to be higher than the VAT threshold currently at £73,000 then you must register for VAT and charge this to your clients on top of your fees.

You must not use your business for acts of fraud or to commit Money Laundering Offences.

If you employ anyone then you must take out Employers Liability Insurance.

If you choose to freelance as a Sole Trader we can help you to set all of this up and ensure that it runs smoothly month to month.

Running a Limited Company

Being a Sole Trader

Responsibilities

Business Bank Account

Drawings

Bookkeeping & Records

Trading Accounts

Business Tax

VAT - The Basics

VAT - The Choices

123 Income Illustrator

The 123 Income Illustrator shows you what you can expect to take home from a given contract.

It also compares the differences between freelance contracting through your own Limited Company, through an Umbrella Company, as a Sole Trader or if you were to return to full time employment.

The123 Income Illustrator

Invoicing

Expenses

Expenses - Detailed Guide P1

Expenses - Detailed Guide P2

Personal Tax/Self Assessment

Importance of Information

Important Dates

Calculators

123 Referral

We run a simple referral programme where for every client you refer to The 123 Way we will give you £123.00

For more information check out the link below:

123 Referral

FAQs

Disclaimer:
This information is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. Always seek professional advice before acting.