Self employed regestration Fine :(

Debt_Free_Chick

If the business started on, say, 1 July he should have registered by the end of September .... but didn't register until the end of October.

I doubt he'll be fined - it's just the usual "you do know we have the power to issue a fine, don't you?".

tyllwyd

It sounds as if you will be paying income tax on your self-employment income, so the easiest way to estimate how much to put aside is to find a salary caclulator on the internet, and put in your anticipated profit for the year, and use that as a rough guide to how much your tax bill will be.

A lot of people put aside 25%, but if your earnings are low that can be a bit too much because you have the personal allowance before any tax becomes due, then (this year anyway) there is the 10% tax band as well.

Oh, and there is NI to pay - Class 2 monthly and probably a bit of Class 4 when you do your tax return.

missyg_3

25% is good advice. As the previous poster says, it will end up being less than this, especially if you have other expenses/capital allowances you can offset against tax (if you have to buy your own equipment for example).

I would much rather stash away too much than too little, and if you put it in a good savings account you will have a nice bonus for yourself.

Elaine_Wilson

Just thought I would explain the reasoning in my post about the exact date of starting.

According to the information here the deadline is three months from the end of the month in which the business commenced. So if the business started on 1st July, three months from the end of July is the 31st October.

Debt_Free_Chick

Elaine_Wilson wrote: »

Just thought I would explain the reasoning in my post about the exact date of starting.

According to the information here the deadline is three months from the end of the month in which the business commenced. So if the business started on 1st July, three months from the end of July is the 31st October.

Brilliant :T :T :T

I never knew the clock started ticking from the end of the first month!

Cook_County

gareth9358 wrote: »

i work on a full time basis for a photographic studio on a self employed basis as i am also seting up as a photographer. I invoice the studio for my months work £850

Just a word of caution. On these grounds it is possible that the full-time work is employment (so not self-employment at all) and the other self-employed work is either a hobby or has not yet commenced.

You could ask HMRC to provide a status review on the full-time work if you want certainty.

Timmne

Or you couls use the HMRC ESI (employment status indicator) tool online...