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New to Self-employment

iAMaLONDONER
Posts: 1,669 Forumite
Hi,
I have 2 0-hour contract jobs. One I'm employed and the other I'm paid through Inland Solutions* as if I'm self-employed. (both after 4/13 ..the S/E one I got last week!)
I'm a student so I'll be unlikely to have the time to earn 5,575 from 4/13-4/14 (even with 2 weekend (0-hour) jobs)
* they siphon 5% of my income from that job! And they are going to try and sign me up to an accountancy part of their business that'll charge 6 quid a week! Though I'll tell them no and that Ill happily deal with HMRC myself!
Is there anything I need to watch out for?
I'm going to register as self-employed with HMRC tommorrow
Will I have to make a spreadsheet with my weekly earnings from both jobs as well as expenses? The self-employed one pays weekly , the employed one plays monthly
I will definitely be using the exemption form for low earnings to avoid Class 2 NIs but what will happen if I end up earning
I have 2 0-hour contract jobs. One I'm employed and the other I'm paid through Inland Solutions* as if I'm self-employed. (both after 4/13 ..the S/E one I got last week!)
I'm a student so I'll be unlikely to have the time to earn 5,575 from 4/13-4/14 (even with 2 weekend (0-hour) jobs)
* they siphon 5% of my income from that job! And they are going to try and sign me up to an accountancy part of their business that'll charge 6 quid a week! Though I'll tell them no and that Ill happily deal with HMRC myself!
Is there anything I need to watch out for?
I'm going to register as self-employed with HMRC tommorrow
Will I have to make a spreadsheet with my weekly earnings from both jobs as well as expenses? The self-employed one pays weekly , the employed one plays monthly
I will definitely be using the exemption form for low earnings to avoid Class 2 NIs but what will happen if I end up earning
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Comments
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I cant answer your questions, but I wish you all the best going self employed!
Im looking to do this in the near future, for the long term for myself as I cant stand the thought of relying on other people to keep me in a job.0 -
tattooedjadey wrote: »I cant answer your questions, but I wish you all the best going self employed!
Im looking to do this in the near future, for the long term for myself as I cant stand the thought of relying on other people to keep me in a job.
Tbh I've been forced into self-employment as the company doesn't want to pay us directly! But thanks!0 -
I went self employed for three years and so long as the business you are doing is simple for example I was paid to drive vehicles so I had no premises, staff, stock etc then doing a self assesment was easy peasy.
Just keep records of what you spend and what you earn. I did a simple spreadsheet and didnt have any issues.Bedroom Tax / Spare room subsidy / Housing Benefit Reduction - It's the same thing, get over it.0 -
I went self employed for three years and so long as the business you are doing is simple for example I was paid to drive vehicles so I had no premises, staff, stock etc then doing a self assesment was easy peasy.
Just keep records of what you spend and what you earn. I did a simple spreadsheet and didnt have any issues.
I've got a spreadsheet with all my earnings thanks!0 -
Be careful about thinking you are self employed when you might not be. There is a yes/no pathway on the hmrc website to guide you.
As for the company taking 5% of your gross, they will be using a 'broker' that 'assists' you in claiming all your allowances to limit your tax bill. It can be good if you are earning a reasonable amount but if you're earning low wages in the S/E business then it ain't worth it.
Keep simple records and you should be fine.
Phil.Life - It's only a once in a lifetime experience.0 -
Be careful about thinking you are self employed when you might not be. There is a yes/no pathway on the hmrc website to guide you.
As for the company taking 5% of your gross, they will be using a 'broker' that 'assists' you in claiming all your allowances to limit your tax bill. It can be good if you are earning a reasonable amount but if you're earning low wages in the S/E business then it ain't worth it.
Keep simple records and you should be fine.
Phil.
I don't earn enough to pay tax- I'm a student
However it's a third party that takes my 5%0 -
iAMaLONDONER wrote: »I don't earn enough to pay tax- I'm a student
However it's a third party that takes my 5%
Phil.Life - It's only a once in a lifetime experience.0 -
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Ok, first thing first - you can only be self employed if you choose the hours you work. There is more to it than that, but that is a good starting point.
As for taking out 5%, if you have no benefit from it then find another agency.
Better still, pay me 10% of your annual earnings for employment advice
Phil.Life - It's only a once in a lifetime experience.0 -
Go and have a look at post 1 in the mystery shopping thread. It's a sticky at the top of the 'Up Your Income' board.Ex board guide. Signature now changed (if you know, you know).0
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