Registering as self employed

[ajax_andy 0]

Ok I spoke to Business Link and they weren't very helpful as had already been suggested on here that they wouldn't be

 

Anyway apologies for starting a new thread but I need specific info now on what to do next. I've just filled in a self assessment form on-line to registere as self employed... however I am still working the day job and the photography business is a 2nd income... any idea what I need to do now in order for them to know this?

 

Once I'd completed the form it was kind of like "thanks for that now here's the home screen... if you dont like it fuck off"

Edited October 6, 2011 by ajax_andy

[Jan 0]

Ok I spoke to Business Link and they weren't very helpful as had already been suggested on here that they wouldn't be

 

Anyway apologies for starting a new thread but I need specific info now on what to do next. I've just filled in a self assessment form on-line to registere as self employed... however I am still working the day job and the photography business is a 2nd income... any idea what I need to do now in order for them to know this?

 

Once I'd completed the form it was kind of like "thanks for that now here's the home screen... if you dont like it fuck off"

 

Well you will have to inform you Companies HR department of your second income.

 

But I suggest you get some free advice from the CAB

 

http://www.adviceguide.org.uk/index/your_m...t_checklist.htm

 

Have a look at this one too.

 

 

http://www.smallbusiness.co.uk/

[ajax_andy 0]

Thanks for the links... I think I need to submit a Class 2 Contributions exemption form to say that I earn less than £5315 from my self employment, but not sure how that works with my main employee earnings in my full time job?

 

Hopefully I can not pay class 2 contributions on the self employed side of things as not really earning enough to justify that... I think they take about £10 a month off you regardless of what you've earned if not!

 

The wording on their forms isn't exactly the easiest thing to understand!

[peasepud 59]

Thanks for the links... I think I need to submit a Class 2 Contributions exemption form to say that I earn less than £5315 from my self employment, but not sure how that works with my main employee earnings in my full time job?

 

Hopefully I can not pay class 2 contributions on the self employed side of things as not really earning enough to justify that... I think they take about £10 a month off you regardless of what you've earned if not!

 

The wording on their forms isn't exactly the easiest thing to understand!

The £5315 relates if you are just self employed, as you are employed also then you have to take your main employment into account therefore unless you're a sweatshop worker for Nike, or Deano I wouldnt expect you to be exempt from Class 2 so you're looking at £2.50 per week Class 2 Conts.

 

Basically, as long as you're registered self employed with HMRC then you're fairly covered for the first year, just make sure that you have the money put aside to cover any upcoming tax bill, during that time save every receipt, every electricity bill etc. Its amazing what you can claim as an expense when you start to fill in the self assessment form.

[ajax_andy 0]

Thanks for the links... I think I need to submit a Class 2 Contributions exemption form to say that I earn less than £5315 from my self employment, but not sure how that works with my main employee earnings in my full time job?

 

Hopefully I can not pay class 2 contributions on the self employed side of things as not really earning enough to justify that... I think they take about £10 a month off you regardless of what you've earned if not!

 

The wording on their forms isn't exactly the easiest thing to understand!

The £5315 relates if you are just self employed, as you are employed also then you have to take your main employment into account therefore unless you're a sweatshop worker for Nike, or Deano I wouldnt expect you to be exempt from Class 2 so you're looking at £2.50 per week Class 2 Conts.

 

Basically, as long as you're registered self employed with HMRC then you're fairly covered for the first year, just make sure that you have the money put aside to cover any upcoming tax bill, during that time save every receipt, every electricity bill etc. Its amazing what you can claim as an expense when you start to fill in the self assessment form.

 

Cheers for that, I rang the tax office last night and I'm ok to not pay Class 2 as that's only if I earn £5315 or more from the self employed income... my main PAYE income doesn't effect this apparently which is really good I just have to fill in an exemption form and send it off.

 

My dad was going on about tax exemptions the other week so I need to do what you said and keep all the receipts etc. He said I can claim for things I bought even before I registered as self employed if it relates to the business, so that's something I need to look in to as have spent about £2k on equipment over the last 12 months.

[Bonamental 0]

Thanks for the links... I think I need to submit a Class 2 Contributions exemption form to say that I earn less than £5315 from my self employment, but not sure how that works with my main employee earnings in my full time job?

 

Hopefully I can not pay class 2 contributions on the self employed side of things as not really earning enough to justify that... I think they take about £10 a month off you regardless of what you've earned if not!

 

The wording on their forms isn't exactly the easiest thing to understand!

The £5315 relates if you are just self employed, as you are employed also then you have to take your main employment into account therefore unless you're a sweatshop worker for Nike, or Deano I wouldnt expect you to be exempt from Class 2 so you're looking at £2.50 per week Class 2 Conts.

 

Basically, as long as you're registered self employed with HMRC then you're fairly covered for the first year, just make sure that you have the money put aside to cover any upcoming tax bill, during that time save every receipt, every electricity bill etc. Its amazing what you can claim as an expense when you start to fill in the self assessment form.

 

Cheers for that, I rang the tax office last night and I'm ok to not pay Class 2 as that's only if I earn £5315 or more from the self employed income... my main PAYE income doesn't effect this apparently which is really good I just have to fill in an exemption form and send it off.

 

My dad was going on about tax exemptions the other week so I need to do what you said and keep all the receipts etc. He said I can claim for things I bought even before I registered as self employed if it relates to the business, so that's something I need to look in to as have spent about £2k on equipment over the last 12 months.

 

Basically the better your records/files are, the easier it will be when you have to fill the damn things in. It may feel like a pain to record everything all the time, but its a lot better to put the time in now than in Jan when you are rushing to try and get it done. Will make your life so much easier and less stressful. As nerdy as it sounds, its probably a good idea to get an excel file going with different tabs for expenses and income, and list things with the date, net, gross, vat and some useful narrative, then you can analyse it out between different categories and by month as you go. Basically all done when you need to fill in SA etc.

[peasepud 59]

Thanks for the links... I think I need to submit a Class 2 Contributions exemption form to say that I earn less than £5315 from my self employment, but not sure how that works with my main employee earnings in my full time job?

 

Hopefully I can not pay class 2 contributions on the self employed side of things as not really earning enough to justify that... I think they take about £10 a month off you regardless of what you've earned if not!

 

The wording on their forms isn't exactly the easiest thing to understand!

The £5315 relates if you are just self employed, as you are employed also then you have to take your main employment into account therefore unless you're a sweatshop worker for Nike, or Deano I wouldnt expect you to be exempt from Class 2 so you're looking at £2.50 per week Class 2 Conts.

 

Basically, as long as you're registered self employed with HMRC then you're fairly covered for the first year, just make sure that you have the money put aside to cover any upcoming tax bill, during that time save every receipt, every electricity bill etc. Its amazing what you can claim as an expense when you start to fill in the self assessment form.

 

Cheers for that, I rang the tax office last night and I'm ok to not pay Class 2 as that's only if I earn £5315 or more from the self employed income... my main PAYE income doesn't effect this apparently which is really good I just have to fill in an exemption form and send it off.

 

My dad was going on about tax exemptions the other week so I need to do what you said and keep all the receipts etc. He said I can claim for things I bought even before I registered as self employed if it relates to the business, so that's something I need to look in to as have spent about £2k on equipment over the last 12 months.

I have to admit to being amazed by that because basically they've set up a licence to save on NI by declaring yourself Self Employed, dropping hours in main job and then subcontracting to your employer for £5k worth a year. Saving you and the Employer a total of over a grand in NI.

[Gemmill 44996]

Congratulations on the second income, Andy. Is the plan to eventually be able to pack your job in?

[ajax_andy 0]

Hopefully mate. Not for a few years but if I can establish myself properly then that's definately the long term plan

[ajax_andy 0]

Bonamental - sound advice that mate, got one for my outgoings but need to set one up for income now... Like u say a little ongoing work throughout the year is better than a mad rush at the end of it!