MSE Pregnancy Club V

Krystaltips

Triggles wrote: »

Hmm. The child benefit stuff is in DH's name. Should it be in mine?? I am paying minimum tax anyway because I am an Usborne rep. Does that matter? Maybe I should have this little one's child benefit put in my name. I didn't realise there was a tax issue there.

If you're a stay at home Mum it's better to have the child benefit in your name... Something to do with national insurance credits...

Mr Tabson just spent a little time out in the garden... He miaowed the whole time he was out... and miaowed constantly since Aimee bought him back in again... Roll on the summer when we can leave the door open and they can come and go as they please... Although we're getting tabby chipped first... He's far too cute and fussy... Someone'll knick him...

tarajayne

Sami, hows FIL. Any news on his job?

Triggles

If you're a stay at home Mum it's better to have the child benefit in your name... Something to do with national insurance credits...

Krystal - that's what I meant - I'd seen something about it - but wasn't sure how it worked. Does it matter if I'm paying a regular tax rate for the Usborne anyway?

Krystaltips

Triggles wrote: »

Krystal - that's what I meant - I'd seen something about it - but wasn't sure how it worked. Does it matter if I'm paying a regular tax rate for the Usborne anyway?

I think if you're paying tax and NI anyway it probably makes no difference... I'm not entirely sure how it works though to be honest

Sami_Bee

tarajayne wrote: »

Sami, hows FIL. Any news on his job?

No, he's definitely not as worried as I am he's currently on his 2nd week skiing in Austria!:rolleyes: Seams not taking BIL, Hubby, me and Chris has saved them enough to stay for an extra week as usually we go for just 1

tarajayne

Sami_Bee wrote: »

No, he's definitely not as worried as I am he's currently on his 2nd week skiing in Austria!:rolleyes: Seams not taking BIL, Hubby, me and Chris has saved them enough to stay for an extra week as usually we go for just 1

That'll teach you to get pregnant!:rotfl:

Sami_Bee

Triggles wrote: »

Krystal - that's what I meant - I'd seen something about it - but wasn't sure how it worked. Does it matter if I'm paying a regular tax rate for the Usborne anyway?

Triggles, Becles may be able to help you on that one, she doesn't do book but does mystery shopping and I know she has a decent understanding of how the tax n NI works, she can be found on the parent thread or mystery shoppin thread

Triggles

I'm not sure either, Krystal. I'll have to check into it. I don't want to get to retirement age and be told there's nothing there for me pension wise. *sigh* I hate taxes and sorting out all that stuff.

SeptemberBaby_2

Triggles wrote: »

Hmm. The child benefit stuff is in DH's name. Should it be in mine?? I am paying minimum tax anyway because I am an Usborne rep. Does that matter? Maybe I should have this little one's child benefit put in my name. I didn't realise there was a tax issue there.

It is important to have Child Benefit in your name to protect your State Pension (which is why its generally claimed by Mums).

http://www.hmrc.gov.uk/childbenefit/protect-state-pens.htm

Sami_Bee

Triggles this may help, its taken from the MS thread but I assume it works the same for doing the books
Registering for tax

If you wish to start Mystery Shopping on a self employed basis, even just one job, you need to register with Her Majesty’s Revenue and Customs (HMRC) within 3 months or you could face a fine of £100. Please don’t think that because you’ll potentially only earn a few quid doing MSing that you needn’t register as self employed – it’s absolutely essential that you do as being caught out can be costly. The admin work involved in being self employed is so minimal that it’s not worth avoiding - and we're here to help you do it!

Forms and Guidelines you will need –

To register as Self Employed you will need to either ring HMRC on 08459 15 45 15 or download and send back the form CWF1 (http://www.hmrc.gov.uk/forms/cwf1.pdf )

You may also be required to pay class 2 National Insurance at the rate of £2.30 a week, but only if you earn more than £4,825 (between 06/04/08 and 05/04/09) after expenses in any one year through Self Employment. This means earning more than £4,825 in addition to your other sources of income.







If you think you will earn less than £4,825 in the financial year, then you can apply for a “Certificate of Small Earnings Exception” which means you will not have to pay NI (National Insurance) Contributions. The Exception application can be found at the end of this document CF10 - http://www.hmrc.gov.uk/forms/cf10.pdf

IMPORTANT National Insurance point: (thanks to Becles for this!)

If you earn less than £4,825, you don't have to apply for the Small Earnings Certificate and you can pay the £2.30 a week contributions.

If you are not paying NI in any other jobs, it can be worthwhile to pay these NI contributions. It will count towards any benefits you may need in the future and contributes to your state pension record.

For example, the self employed get one of two rates for Maternity Allowance, regardless of their actual earnings. If you have a Small Earnings Certificate, you get £27 a week. If you have paid enough NI contributions, you will get £117.18. It's a big difference!

Bear in mind that HMRC generally seem to have long delays on processing these forms so don’t worry too much if it’s a few weeks before you hear anything.

Information on Self Assessment - http://www.hmrc.gov.uk/sa/selfemp.htm