Your Responsibilities
VAT Requirement
If your total self-employed earnings exceed £90,000 over any rolling 12-month period , you are required to register for VAT. This includes income from all business activities, not just those through Hays Travel. (Profit thresholds may be adjusted please check regularly)
As an independent business owner, you are responsible for recording and reporting your revenue and profits to HMRC for all applicable taxes.
Income Tax: We strongly recommend seeking independent financial advice to ensure your income and profits are correctly accounted for. Record Keeping: The UK Government provides a helpful guide on what records to keep and for how long. Click here to find the self-employed records page on GOV.UK. National Insurance: For guidance on rates and contributions, visit the GOV.UK National Insurance page. Click here to find the national insurance page on GOV.UK.
For details on how to register for VAT, visit the GOV.UK VAT registration page.
If you operate other businesses outside of Hays Travel, be sure to include those earnings when assessing your VAT threshold. When in doubt, consult your financial advisor or contact HMRC directly for clarification. Please note: Hays Travel is not responsible for monitoring your earnings or notifying you when VAT thresholds are met. If you need clarification on your earnings or supporting documentation, our Finance Team is happy to assist.
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