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Whatever form your business entity takes - sole proprietor, partnership or limited company - it is a legal requirement to notify H M Revenue & Customs within 3 months that you have commenced trading or self employment. It’s easy to do and we will provide you with the appropriate forms and ensure they are submitted to the authorities on time. Failure to notify within the 3 month window will result in an automatic £100 fine.
Each self employed person, including each individual partner in a partnership, is liable to pay class 2 national insurance contributions. By far the easiest way to do this is by setting up a direct debit and again we will provide you with the necessary forms and ensure it is submitted to the correct agency.
Locums and GPs will also have to start paying over superannuation contributions on their earnings and we can offer you guidance on how to do this, and complete the necessary forms.
Directors of limited companies will account for tax and national insurance on their earnings through the PAYE system, and we can either explain how this is done, or do all the calculations through our Payroll service.
If you are starting up in business, contact Ian Condie at the earliest possible opportunity and he will advise on what needs to be done.
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Locum-specific content
It is a legal requirement to notify H M Revenue & Customs within 3 months that you have commenced self employment. It’s easy to do and we will provide you with the appropriate forms and ensure they are submitted to the authorities on time. Failure to notify within the 3 month window will result in an automatic £100 fine.
Each self employed person is liable to pay class 2 national insurance contributions. By far the easiest way to do this is by setting up a direct debit and again we will provide you with the necessary form and ensure it is submitted to the correct agency.
You will also have to start paying over superannuation contributions on your earnings and we can offer you guidance on how to complete the forms and where to obtain them.
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