1. Bank account - you will need a business bank account. If you have
bank account details then please enter them in the "business section".
2. VAT registration - you may need to be VAT registered and there are various schemes and methods for accounting for VAT.
If you are VAT registered then enter your
business's VAT registration details in the "business" section. You can also "upload"
a copy of your VAT registration certificate - select the "certificates" page
from the business section.
More guidance in respect of VAT can be found here.
3. Paying yourself.
As a self employed person you will be taxed as self employed when you complete your HMRC self assessment return ("SA100").
However, you may also employ people in your business in which case your business will need to register as an employer with HMRC, run a payroll and submit and pay PAYE/NI returns.
More guidance about running payroll is provided here.
4. Paying expenses.
Only expenses that are incurred "wholly and exclusively for the purposes of the trade, profession or vocation"
may be claimed by your business.
More guidance in respect of some common expenses can be found here and here.
5. Paying income tax - your will need to submit an income tax return ("SA100") each year.
This involves the preparation of the tax return and the calculation and payment of the income tax. More guidance in respect of income tax can be found here.
6. Insurance - you may, if you have employees, be advised to take out employers liability
can organise this via http://www.contractoruk.com.