Self Employed is the simplest way to start a business; it doesn't involve any registration fees. The only drawback is that you are personally liable for any debts that your business runs up. These make risky options for businesses that require a lot of investment. If you are self-employed, you would need to complete a Self-Assessment tax return. We can complete and file your return online or fill in a paper form. You would probably need to pay any Income Tax you owe for a tax year in two instalments i.e. January and July, plus a final 'balancing payment'.