what to do if you want become self employed one man ban

aayush

hi

I need to find what i need to to and what to pay if I become self employed e g NI TAX and how often I need to pay
and if i will be able to claim benefits if no work

DomRavioli

Speak to HMRC, or go on the website, they have a whole section for self employment; tells you how to register, what you need to pay and when, and help with insurance (public liability, etc).

You'd also need to speak to the DWP to see if you could claim any benefits - the CAB might also have information for you.

aayush

we I am think of this course of plan have one child aged 3 as it my wife who wants take the self employed route

aayush

hours a week is 24

jobbingmusician

Some useful information in the first post of the mystery shopping thread, which is at the top of the 'up your income' section of this board.

aayush

blondebubbles wrote: »

If she was working 24 hours per week she could claim working tax credit and child tax credit. This would depend on if you were working and income etc.

I am in between jobs at present and she has had this in mind for a year or two

so she would only pay tax on earning and she can claim expenses but is it true only pay tax if business earn x amount

Voydra

aayush wrote: »

I am in between jobs at present and she has had this in mind for a year or two

so she would only pay tax on earning and she can claim expenses but is it true only pay tax if business earn x amount

As a sole trader myself, you pay your yearly tax based on the income of the business less expenses. You are allowed a personal allowance which I think is around 8K per year, anything after that is what is taxed. NI is paid usually on a quarterly basis (at least for me)

You are best off getting in touch with HMRC direct for full information as to what else you might need as well as your eligibility for tax credits or other benefits depending on your circumstances.

Voydra

blondebubbles wrote: »

The standard personal allowance for this tax year is £10,000.

It has gone up a fair bit since I first started the business. Good to know!

Bantex_2

Can she play anything?

aayush

No she is a ladies beauty therapist

Bantex_2

aayush wrote: »

No she is a ladies beauty therapist

Sorry, it appears I got the wrong end of the stick. I thought she was taking up busking.