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WorksheetsBeing Self Employed
Total questions: 10
Worksheet time: 5mins
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
