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National Insurance Contribution (NIC)
If you start working for yourself, you're classed as a sole trader - even if you've not yet told HM Revenue and Customs.
You must register and follow rules for self-employed tax and National Insurance.
Other ways to work for yourself
Instead of being a sole trader, you might find that a different legal structure is better for your business.
You can:
become a partner in a business partnership
set up your own limited company
If you set up a limited company, you're not classed as self-employed but as both an owner and employee of your company. You'll follow different rules on tax and National Insurance.
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- Part of Speech: proper noun
- Synonym(s):
- Blossary: HR and Payroll
- Industry/Domain: Accounting
- Category: General accounting
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