Self-Employed...help please!

Neddy139

Hi


There are a couple of questions I have...


I became self-employed back at the end of March 2015 and have been working for myself doing contractual jobs since then.


My first question is on the basis if I do my accounting on a "Cash Basis" am I right in thinking that because I wasn't paid for my first job until late April 2015 I do not need to do a tax return this year for the first few days I did in late March/early April?


How do I work out and when can I expect to get a bill for any National Insurance Contributions that I will owe? I would prefer to keep on top of these rather than paying it only a couple of times a year.


What are the 'business expenses' I can deduct from my earnings for tax purposes? The work I do generally involves me going to their premises for the duration of the job. I have my own car, mobile phone etc.


The other thing is if I were to go abroad travelling for 3 or 4 months should I contact HMRC to tell them that I am no longer self-employed but am unemployed? or do I just continue as self-employed even though I wouldn't be working?


Any thoughts, experiences or advice would be greatly appreciated.


Thanks!

LittleVoice

Neddy139 wrote: »

Hi

The other thing is if I were to go abroad travelling for 3 or 4 months should I contact HMRC to tell them that I am no longer self-employed but am unemployed? or do I just continue as self-employed even though I wouldn't be working?

Going abroad travelling does not make you unemployed, you would be non- or not employed. (Technical difference about whether you are claiming Jobseekers Allowance.)


In any event your travelling would not affect your liability to pay Class 4 NI contributions.


Maybe telling HMRC you were not working as self-employed would reduce your liability for Class 2 NI contributions while you were out of the country. Perhaps HMRC website would clarify that or someone with more knowledge will be along soon.