In this section we look at:

• Employed or self employed? - It is not always straightforward to decide if you are self-employed or if you are really working someone else as an employee. It is very important to get it right. Don't take someone else's word for it, check it out yourself!



• Setting up in business - If you are newly in business, or you are thinking of starting a business of your own, it is important to get it right from the start. There are penalties if you don't tell the tax office. Make sure you know when you need to do this. Think about the records you will need to keep. There are also decisions to make on business structure and funding.



• How businesses are taxed - Self employed people are taxed in a special way. You have more responsibility to manage your relationship with the tax office. You will have a tax bill to pay. The more you know, the better prepared you will be. You will be less likely to get the unpleasant shock of an unexpected tax bill later on.



• Business expenses - When you are in business, you buy things for your business. You need to know which expenses are really business expenses. You need to make good decisions about what expenses can be set against your income. And to keep the proof of these expenses so that you can claim them.



• National Insurance and VAT - People in business have more than income tax to think about. There are other taxes that you need to know about.