Introduction (3): What does Self-Employment Involve?

The following tasks must be undertaken when starting a self-employed activity:

• Bookkeeping: all invoices, receipts and business bank statements for each fiscal period should be organised and stored in anticipation of your first tax control.
• Administration: an annual tax declaration and (sometimes) VAT declarations should be filed.
• Social security/insurance: self-employed people must organise their own social security/insurance payments.

Some other activities are not obligatory, but are useful in undertaking your self-employed activity:

• Cost planning: estimating how much money is spent each fiscal year.
• Profit computation: estimating each fiscal year's profitability.
• Tax planning: legal ways to minimise your tax liability.

Next article: (4) Who can help me with these tasks?

First published: 21 October 2005
Last updated: 19 August 2006

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