While not actually forming your own company (at least not immediately) you may have decided to opt out of being someone else’s employee and decided to go down the self-employment route. This is actually becoming an ever more common state of affairs these days as companies are shedding staff to cut their costs. Alternatively, they may be implementing unfavourable new terms of employment to such a degree that people decide to leave and go it alone.
At this point Pros Assist can offer good advice on how to register yourself as a self-employed person or a sole trader if that is how you wish to be seen. You will probably be unfamiliar with such important matters as self-assessment tax returns and how to keep up your National Insurance payments now that you are no longer on someone else’s payroll. Depending on your age it is vital that you carry on paying National Insurance Contributions so that, when the time comes, your retirement pension is not reduced.
It is all too easy to forget about things like tax returns when you are concentrating on a new venture but we will always advise you to keep on top of them, rather than risking a fairly hefty fine for non-disclosure of your income or late submission of the returns. Pros Assist will do all this for you if you so wish, thus relieving you of the burden.
At some point you might feel that your new business has grown to the point where taking on a partner might be of benefit to you and we can explain all the intricacies of setting up partnerships, tailoring our advice exactly to your needs. Many a good friendship has been destroyed by going into a business partnership so our advice will help you to avoid this kind of problem right from the start.