The number of self-employed workers increased from 3.8 million in 2008 to 4.6 million in 2015.
Data from the Office for National Statistics (ONS) shows that the number of part-time, self-employed workers grew 88% between 2001 and 2015, compared to 25% for full-time, self-employed workers.
Part-time workers accounted for 1.2 percentage points of the overall 1.6 percentage point increase in self-employment between 2008 and 2015.
There was little evidence of older part-time workers moving to a full-time position, job searching or experiencing dissatisfaction with their status.
- older workers are more likely to make the transition from full-time to part-time self-employment than younger workers
- full-time workers are choosing to enter part-time self-employment rather than retirement.
Whether you are a sole trader or in a partnership, it is important to register your business with HMRC before trading.
There are 4 things to complete if you’re self-employed:
- HMRC – register with HMRC to pay income tax and national insurance. You will need to do this by 5 October in your business’ second tax year
- self-assessment – register to pay your tax each year. The payments will usually be due on 31 January and 31 July
- VAT – register your business if your turnover is over £83,000
- records – keep accounts of business income and outgoings.
Contact us to discuss self-employment.