Stopping self employment?

ricksExpensive

Hi guys, havent posted for a while been so busy but need some help if poss.

I took on the mystery shopper band wagon at the start of the year, but i just havent got the time any more.

So my question is do i need to declair this with inland revenue and if so how do i go about it? Ive searched their website and this site for information but cant find anything!
Dont want to get billed for laods of N.I. etc when im not doing it anymore!

Any help would be appriciated! Thanks in advance

jobbingmusician

I would just write to them explaining this, which should stop them chasing you (I hear rumours that they expect s-e people's income to go up every year, but can't believe this applies to a small job like MS).

Are you paying SE national insurance? If not, it should be a really simple matter to stop - but I would drop them a line just to cover yourself.

ricksExpensive

Thanks alot! I have comppiled a letter as you normally write to confirm anything in life. But ill drop em a line as well! Thanks

Conor_3

You should have declared you had started doing it no later than three months after the start date. You can be fined for not doing.

You'll be billed for Class 2 NI contributions which works out around £9 a month. You'll also be sent a self assessment form at the end of the tax year where you'll have to fill in any income / expenses from self employment, bank interest and any income from PAYE plus any tax you've paid on PAYE. You'll then get a bill for Income Tax and Class 4 NI contributions if there are any owing.

jobbingmusician

Conor, I think the OP is asking whether s/he needs to declare STOPPING MS.

It's not totally accurate that you'll be hammered for NI - you can complete a small earnings exemption form if you earn less than £4k odd, and then if you have a full time job where you already pay NI (and it sounds as if the OP does) you won't have to pay NI again.

Conor_3

My mistake, apologies.