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Starting Up Need Advice

(2 Posts)
BigGrannyPants Wed 31-May-17 14:45:34

I have decided to turn my hobby in to a business. I will be freelance. I have managed to secure myself steady work. Do I need to have a business bank account and what happens with tax? I have never done anything on a self employed basis before and would love any advice MNers have!

absandme Sat 10-Jun-17 18:11:21

Congratulations starting your business.
You can just use your own bank account, just make sure you keep a record of all your income and expenditure.
If you decide to open a business account you can get them free.
You will need to register as self employed with the HMRC and make National Insurance contributions but although it may sound scary it is very easy.
You can also claim pre start up costs before trading.
Good luck :-)

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