newly self employed not a clue sorry

jay1181

hi
just registered as self employed with ir online but i am unsure what happens now as i stared on 10/10/08 do i have to pay tax in janurary or ? also i was currently unemployed for 2 years before my selfemployment as my partner had a good job ect not claming any benifits will this be a problem with the inland revenue ? also what do i need to keep books ect i am a sole trader i have a contract to deliver bulk papers to clients i have also another contract starting in jan for a different client i currently only earn £125 aweek £85 after fuel ect i no its not good but contract will expand next year so i have to bide my time with them im just need to know what to keep and do i need an account to file my self assesment next year
thanks:money:

Jacobs87

First I would recommend you setup a separate bank account for your self- employed business, if you haven't already done so. Abbey do a free business bank account which will do the job nicely. This will make your bookeeping easier. You will need to file a self assement tax return in Sept 09 (if using the paper system) for the financial year running from Apr 08 to Mar 09, you will then have to pay the tax due for that financial year in Jan 2010.
You don't have to have an accountant or bookeeper to do your books, but if you don't know what to do, buy a good book on the subject, or speak to someone who is knowledegable. When I started I kept every receipt/bill in a file, and recorded the transactions in an excel spreadsheet.
Don't be afraid to ask the HMRC for advice, they are usually very helpful. They will usually talk you through completing any HMRC paperwork.

Mary_Hartnell

Unless you have applied for exemption for very low income (profits) you should be paying a modest weekly national insurance, usually collected by direct debit.
This defines you as self employed and keeps a track of you and all the tax returns etc. flow from it.
This thread helps a bit:
http://forums.moneysavingexpert.com/showthread.html?t=1261087&highlight=class

There is plenty more advice on here if you look for it, including people who have tried to ignore the paperwork and tax/NIC responsibilities and got into a real mess.
Feel proud that you are standing on your own feet.