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Help with Self Employed N.I. please?
funnyguy
Posts: 2,561 Forumite
in Cutting tax
After 6 years my company have just made employee staff go self employed,and I am not sure after reading HMRC. website what to do about N.I payments.as I am only part time.
So far this tax year[6 months] I have earned as employee £3374[so paid no tax] and paid £40.80 N.I.Some months like this one[employee] and the next one due [as self employed]I will not earn enough pay for N.I. payments but nearer Christmas I will earn a lot more and probably end up earning £8500-£9000 by end of tax year?So should I inform tax office now for N.I. or wait till end of tax year and should I aim to pay Class 2?[I have a UTR ref number already from a small s.e. job I did previously]
So far this tax year[6 months] I have earned as employee £3374[so paid no tax] and paid £40.80 N.I.Some months like this one[employee] and the next one due [as self employed]I will not earn enough pay for N.I. payments but nearer Christmas I will earn a lot more and probably end up earning £8500-£9000 by end of tax year?So should I inform tax office now for N.I. or wait till end of tax year and should I aim to pay Class 2?[I have a UTR ref number already from a small s.e. job I did previously]
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Comments
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After 6 years my company have just made employee staff go self employed...
Being self-employed or employed is not a choice that they or you can make, it has clear definitions.
It'd be worth reading this to ensure it actually fits: http://www.hmrc.gov.uk/employment-status/index.htmI was a DFW, now I'm a MFW :T0 -
Thanx I have already contanted HMRC about this ,as I will be losing over 10% of my pay now statury holiday pay wont be paid.They have just replied that they are looking into situation.In the meantime can anyone help with original question or should I try another forum?0
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If you will be earning £8k-£9k through your self-employment then you will be due to pay class 2 NICs, so I would suggest you contact HMRC straight away0
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What ever happened to the redundancy rights of you and your former colleagues?
It is possible to be employed and self employed on the same day and during the same tax year, possibly offering the same services to two organisations.
You are still thinking like an employee, not a self employed sole trader entrepreneur.
You have to think profit not income.
Presumably you now work from home - so as soon as the alarm clock goes off in the morning you are at work?;)
Do you have a spouse to help you with your new "business".
What does your new business invoice to its customers?0
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