Starting self-employment is a big step. No longer will you have the luxury of a regular salary and you will also have new responsibilities when it comes to reporting your tax affairs to HMRC. It need not be daunting though as help is available. Here in a checklist of the most important things to know for tax when starting self-employment. 

It may be that paying your July tax payment on account has spurred you into thinking about tax in general, or maybe you have already been sent a few reminders from your accountant about getting this year's tax return records to them. But yes, it is that time of year again where the 5 April has well and truly passed and from now on, the sooner you get your tax return finalised the better, so you can have an early indication of your next tax bill.

Cloud accounting software is talked about a lot these days, but is it just an advantage or is it a necessity, for your small business? It may be that you are comfortable with your own system, whether that is Excel or another desktop application. However, with the advancement of technology, the increased risk of security breaches and the new government incentive for Making Tax Digital, soon there may not be the choice.