I know there’s a handful of self-employed / freelancers on the site and I just wondered if I could ask a couple of specific questions with regards to it. I’m in the process of setting up a part-time sideline as a freelance copywriter which, if it goes well, I’m hoping I might be able to end up taking full-time.
I’ve done a lot of reading around it and am aware of the potential benefits and pitfalls of going freelance and self-employed. However, the bits I’m struggling to find answers for and I’m hoping to find a little guidance on are:
Do I need to specifically register as self-employed with HMRC? If so, can I register under my name or do I need to be ‘he_2 trading as he_2 writes’?
Do you have a separate bank account for your business expenses and income and if so, do you have a specific business bank account or just a normal current account?
I know the threshold to be VAT registered is at around £85k but are there benefits / drawbacks to being VAT registered if your income is significantly below that?
Thanks, all, in advance.