Just gone self employed

FRESTER

How long do I have to inform revenue and customs.
I have been told three months.Is this correct?
Thanks in advance Simon

antrobus

FRESTER wrote: »

How long do I have to inform revenue and customs.
I have been told three months.Is this correct?
Thanks in advance Simon

You have three months before they can fine you. So best to do it now lest you forget.

RogerBabyspoon

I think i'm right in thinking you don't actually pay any tax until you hit £5000 turnover. So there's no benefit to waiting.

InsideInsurance

There is no benefit in waiting ever as you give the date you started to them and all the taxes are then back dated to that date. The only one that is really time based in Class 2 National Insurance which is a flat £2.50 a week

HappyMJ

RogerBabyspoon wrote: »

I think i'm right in thinking you don't actually pay any tax until you hit £5000 turnover. So there's no benefit to waiting.

£5,000 turnover where did that come from? I have £25,000 plus in turnover and still dont pay tax. It's profit which is important. My profit is under £7,000 per year so no tax is due.

Savvy_Sue

RogerBabyspoon wrote: »

I think i'm right in thinking you don't actually pay any tax until you hit £5000 turnover. So there's no benefit to waiting.

Somewhere around that figure is where you can ask for a Small Earnings Exemption Certificate so you don't pay the self employed NI contributions.

InsideInsurance wrote: »

There is no benefit in waiting ever as you give the date you started to them and all the taxes are then back dated to that date. The only one that is really time based in Class 2 National Insurance which is a flat £2.50 a week

Which may or may not be worth paying if you can get the exemption.

HappyMJ wrote: »

£5,000 turnover where did that come from? I have £25,000 plus in turnover and still dont pay tax. It's profit which is important. My profit is under £7,000 per year so no tax is due.

Correct.