SELF-EMPLOYED people in Hertfordshire who fail to register their status with Inland Revenue within the first three months of setting up their business could be liable for a fine of £100, warns the Association of Chartered Certified Accountants (ACCA).
Mr John Brace, ACCA's Spokesperson for the Home Counties, said: "The first few months of setting up a new business can be extremely hectic and stressful, so it is quite easy for people to forget or not know their obligation to register as self-employed with the Inland Revenue.
"Even for those who submit tax return forms, it is still necessary to register. For the cost of a phone call or a stamp, they could save themselves £100.
"Following registration, the Inland Revenue will arrange for self-employed flat rate National Insurance (NI) contributions to be paid. Self-employed businesses do not have to register for VAT until the annual turnover reaches £55,000."
Newly self-employed businesses can register by calling 08459 15 45 15, or by filling in a self employment form and returning it in the post.
Alternatively an accountant can assist in tax issues surrounding new businesses.
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