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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I am planning to start a import export business. I went

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Hello, my name is***** am planning to start a import export business. I went through www.gov.uk and wanted to register as sole trader myself. However, I want to know if tax advisor could advice me what to do and what is better?
JA: For which tax year do you need advice?
Customer: I believe it will be 2019 or 2020
JA: Anything else you want the Accountant to know before I connect you?
Customer: I want to know about charges and if they are guideline me how to set up a business

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

You can set up a self employed, the procedure is here:

https://www.gov.uk/working-for-yourself

Once so registered HMRC will send you a self assessment tax return form for completion at the conclusion of each tax year [5 April]. If you complete this and send it in before 31 October HMRC will tell you how much Income Tax (IT) and National Insurance (NI) is due and how to pay.

All you have to do then is to maintain books of account to enable you to determine your net income.

Customer: replied 5 months ago.
Hello, I went through the link you sent, but i am struggling to find the right link to register myself as self employed.

It is the third heading in which gives you a link [Registering as Self Employed].

Customer: replied 5 months ago.
I did. And it went to set up as a sole trader. And
under how to register, there is register self assessment, is it the right one I should go for?

From what you say so far yes.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 5 months ago.
This is what always confuses me. It seem to register to file tax return, but I need to register a name and printing it on my packaging.
Customer: replied 5 months ago.
Ain’t I suppose to register a company name and get my National Insurance Number?

Well, that is what you will have to do at the conclusion of each tax year.

There is no requirement to trade through a company, that just makes it more complicated. If you do not have a National Insurance (NI) number you will have to get one from the Department of Work and Pensions (DWP), a long laborious process.

Customer: replied 5 months ago.
i) does it mean you can import goods from overseas and start selling online and to shops (ii) and register for self-assessment for tax return during the stipulated period for declaring income

you should register as self employed as soon as possible.

Thank you for your support.