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Becoming Self-employed - got some questions.
doodoot
Posts: 554 Forumite
Hi guys, once again I turn to the MSE's for the best advice available.
I'm planning on becoming S/E in the next couple of weeks to make a bit of cash to cover the bills.
My concerns are to do with notifying HMRC before the end of this tax year and paying class 2 NIC.
Am I right in thinking that I need to apply for an exemption due to not hitting the earnings threshold due to there only being a few weeks left in the tax year?
Also, is it worth me setting up a DD for class 2 NIC's even though I doubt that I will hit the earnings threshold next tax year?
I tried ringing my tax office earlier to get some advice but after being on hold for 25 minutes I gave up.
As me and my OH get tax credits for our children, is there any specific information that I will need to give when I tell them of a change of circumstances.
Again, I tend to be on hold when calling them so I want to have ALL information ready to hand so that I don't have to call them back.
All advice gratefully received. :j
I'm planning on becoming S/E in the next couple of weeks to make a bit of cash to cover the bills.
My concerns are to do with notifying HMRC before the end of this tax year and paying class 2 NIC.
Am I right in thinking that I need to apply for an exemption due to not hitting the earnings threshold due to there only being a few weeks left in the tax year?
Also, is it worth me setting up a DD for class 2 NIC's even though I doubt that I will hit the earnings threshold next tax year?
I tried ringing my tax office earlier to get some advice but after being on hold for 25 minutes I gave up.
As me and my OH get tax credits for our children, is there any specific information that I will need to give when I tell them of a change of circumstances.
Again, I tend to be on hold when calling them so I want to have ALL information ready to hand so that I don't have to call them back.
All advice gratefully received. :j
Stone walls do not a prison make, nor iron bars a cage.
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Comments
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Am I right in thinking that I need to apply for an exemption due to not hitting the earnings threshold due to there only being a few weeks left in the tax year?
You can, or you can just pay it and it will be adjusted when you do your tax return after 06 April.Also, is it worth me setting up a DD for class 2 NIC's even though I doubt that I will hit the earnings threshold next tax year?
No - you don't need to if you get an exemption. If you think you're borderline, then set it up and if you stay under the threshold you'll get it back when you do your 12-13 tax return.As me and my OH get tax credits for our children, is there any specific information that I will need to give when I tell them of a change of circumstances.
AFAIK you need to inform them if your income goes up, and what you expect to earn.All advice gratefully received. :j
Here's a tip: call HMRC at precisely 0759; much more likely to get through at exactly 0800 than any other time of the day, in my experience!
HTH
KiKi' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0 -
Thank you so much Kiki, that's great advice!
Especially the best time to call. :beer:Stone walls do not a prison make, nor iron bars a cage.0
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