Question regarding tax/forms

markfj

Hi guys

Hopefully Ive posted this in the correct section.

Just looking for a little advice.

Im a chef and have always been employed through company for the last 10 years, until earlier this year I left my job and joined an agency, I did some work through them and all taxes etc were paid through them

Then I did more work through them but I didnt realise it was all self emplued work until I had been paid, so I have to declare all the tazx and NI myself. I am with a different agency now too, and they keep offering me self emplyed work, but im abit cautios to take it, as Im trying to set up a business and want to know the money ive got is mine, so if I spend it on the business I can overspend.

Im not use to doing my own taxes etc, but at the same time I cant afford to not be at work either, as it is ive had 2 months this year alone without work because the agency was quiet!

Would you suggest taking whatever work comes regardless of self emplyed or not, or sticking to the paid through company route if possible? Also if you recommend doing any work, where exactly can I find out how to fill in these self assessment forms, I just dont want any complications witht he tax man!

Thanks guys,

anniecave

If I was you, I would take the self-employed work if you can get it!

Working out the tax and NI isn't really that hard, so if I was you I would just open a separate bank account, then any time you receive self-employed income, ensure that you transfer enough money accross into the other account to put aside for the the tax and NI.

If you get stuck on NI and tax, just post up the figures and ask people to check.

The online self-assessment forms are actually not too bad and they enable you to see what the end result will be (tax and NI due or due back).

I would also check if you are doing self-employed work whether you need or should have any specific insurance. The agency may cover you for this, so it may not apply if you're working through an agency.

xylophone

http://www.hmrc.gov.uk/employment-status/index.htm

Would seeing a tax accountant help you?

bartnwood

In my opinion yes, especially as the OP is not familiar with the system.

The fee involved I am sure would most certainly be covered by savings in tax with the knowledge of a good Accountant that would know what you can and cannot claim for expense wise.