Our advice is that it’s best to keep HMRC informed as soon as possible, whether you are becoming self-employed or changing the status of your business.

For individuals, sole traders and partnerships you need to submit your returns by (at the latest) 31 January following the previous year to 5 April.

If you run a limited company you have to submit your returns within nine months and one day of your chosen year-end (or 21 months and one day from registration).

The list is almost endless. It largely depends on whether the expense is incidental to, or wholly and exclusively attributable to, the purposes of the business or your employment.

On this one it’s best to ask us.

Legally you have to register for VAT once your turnover, in any rolling 12-month period, exceeds £85,000. However, it may be in your best interests to register before this point, to help with cash flow. We can help you to decide.

In some cases it may be in your best interests to avoid being registered for VAT by segmenting your business into discrete parts so you can avoid taxing your clients.

Some other businesses benefit from not registering for VAT status. An example is a builder working on a new housing development. You can charge for materials at zero rate but also reclaim VAT on expenses.

If you’re a ‘white van man’ it is in your best interests to register for VAT status immediately as you can start to reclaim VAT from day one.

Yes. Don’t immediately fall into this trap, though, as you have a £3,000 allowance each year.

You’d be surprised at how many small businesses forget this!

Yes, you do.

If you employ one or more persons earning over £190 per week you must offer each one a pension scheme, under the Pensions Act 2008. They can choose to opt out but it’s your responsibility to offer them information.