Being Self Employed

The term self-employed is the same as...

• Sole Trader

• Lone Worker

• Independent Worker

• Partner

To become self-employed you must...

• Register your business with HMRC

• Produce a business card

• Advertise your business locally

• Declare your income tax payments

HMRC stands for...

• How to Manage Retail and Commerce

• Her Majesty's Royal Crown

• Helping Managers Recover Cash

• Her Majesty's Revenue and Customs

What is the current tax free personal allowance?

• 10,500

• 11,000

• 11,750

• 11,850

Why is it important to write a business plan?

• To show to HMRC

• To secure investment or a bank loan

• To prove you have a business

• To plan holiday periods

You can register for VAT if your business has turnover of more than...

• £36,000

• £52,000

• £70,000

• £85,000

If you are self-employed, you need to keep accurate records of sales and expenses to...

• make sure you can draw a salary

• save money

• complete self-assessment tax returns

• allocate holiday funds

If you set up a private limited company in the UK, you must appoint people to run the company. These are...

• Project Managers

• Directors

• Governors

• Accountants

If you set up a business as a limited company, every financial year the company must...

• put together statutory accounts

• send HMRC a Company Tax Return

• send Companies House an annual return

• All of the above

How many times a year must a Sole Trader complete a self-assessment return?

• Once

• Twice

• Three times

• Quarterly