Ahead of Small Business Saturday on 7th December, HMRC has launched new online tools for people working for themselves and individuals considering self-employment.
The new interactive tool aims to give new and existing sole traders clearer guidance about records they may need to keep, taxes that may apply to their business, and other useful information, for example how to pay a tax bill.
Marc Gill, HMRC Director of Individuals and Small Business Compliance, said:
“At HMRC, we know small businesses are vital to our economy, and we want to help you get things right from the start.
“It can feel overwhelming when you’re a new business owner. That’s why we’ve created user-friendly, anonymised tools that give you the knowledge to make confident business decisions.
“We are committed to continue building trust with the small business community. Whether you’re just starting out or growing your business, we’re here with clear, reliable guidance to help your business succeed.“
HMRC’s new Set up as a sole trader: step by step guide supports people working for themselves to understand when they may need to register as a sole trader and how to do so. This is presented in 7 simple steps.
There are several HMRC interactive tools available, including one newly launched to help businesses estimate what VAT registration may mean for them. The VAT Registration Estimator was developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.
The guidance and interactive tools are free to use and available directly from GOV.UK. They have been launched for information purposes only, users will not be registered for any taxes as a result of using them. HMRC will not collect or store any information about the user.
Regional leaders launch Mayoral Innovation Exchange 
CMA to launch investigation into Google search and advertising 
Government funding announced to trial uses of AI suited for small businesses