registered with HMRC, what now?

Sid_Wolf

So after reading in here and the ebay part of the forums, i followed a link and registered for self assessment :j

But it just said i'd registered, nothing else, do I have to do anything? I would like to pay NI (type 2) as even though I work part time aswell, I currently dont pay any, and i really need to start setting myself up for the future now, do i have to register for this seperately?

I have bought a bookkeeping thingy from wilkos, which i will use to write down all my incomings and outgoings, I'm assuming I have to keep receipts? What if the receipts are very basic? one of the places I shop at has a very simple till and it the receipts dont show anything except individual prices then the total, will this be ok?

Do I need proof of my incomings? Or is writing them down enough? I have all the details on my paypal account, but i dont know how long paypal keep them recorded?

Sorry for the probably stupid questions, but i'm very very new to all this!

Horace

You will need to keep all your receipts because they need to be available in case the HMRC ever choose to do an inspection.

Ring the Self Employment Line at the HMRC and ask them about Class 2NI and how you pay it. Not sure of the number off hand but it is on the HMRC website under Self Employment.

The HMRC run a useful course (free) on how to fill in your self assessment tax return and they advise on what you can and cannot offset against tax.

Also as you are new to self employment - speak to your local chamber of commerce about some free courses on setting up a business, also try businesslink who are still hanging on in some places. These courses will tell you more about running a business, how to market the business, legalities etc.