No you cannot employ yourself, you may however employ others who will need employment contracts.
You should register as self-employed if:
You’re probably self-employed if you:
You should register as self-employed if you earned more than £1000 from you self-employment between 6 April 2020 and 5 April 2021.
If you are self-employed, you may set up as a sole trader. After paying tax on business profits, you may retain the proceeds. You will be responsible for any losses and must comply with rules around running and naming the business.
To set up as a sole trader you need to tell the HMRC that you pay tax through self assessment and you’ll need to file a tax return every year. To register for a self assessment click here.
You’re probably self-employed if you work for yourself, decide how, where and when you work, hire people at your own expense, have your own equipment to work and sell goods or services to make profit.
If you’re self employed you should keep records of:
It is important to keep records of your business income and expenses alongside personal income for your HMRC self-assessment tax return if you’re self-employed. You will also need to choose an accounting method either 1) traditional accounting or 2) cash basis accounting, further information can be found here.
In order to prove your self-employed status you can provide evidence of: