self-employed but the nature of work changed

opiumbeauty

Hi all,

Hope someone can shed a light on this.. I have been self-employed for nearly a year. yet I have been thinking of doing a completely different type of work recently. Is it classified as change in circumstances? Do I just stop being self-employed and re-apply again or simply call them and tell them that the nature of work changed and present them with the new projected income for the next year? How do I go about this?

Thank you to all x

[Deleted User]

I assume you are talking about tax credits?

If so, you dont need to tell them what you do as long as you are noted as being S/E and they have you down as doing the correct number of hours. If your income is going to change you can give them a new estimated earnings figure.

Conor_3

This is easier to do if you change your trading name, even if its only slightly.
You need to inform HMRC if you change the main type of business you do. All you need to do is ring the Self Employed helpline and tell them.
You also need to close the books on the "old company" as it were and start up a set for the new company. On the next self assessment form, you'll need to fill in two sets - one for each "business".

There is no need to inform WTC unless as stated above, your income changes considerably.