Immoral Angel's Debt Diary - Part 16,342...

immoral_angeluk

Sassamac wrote: »

Hi I_A, I started party planning this time last year. It took me about 2.5 months to register as SE, and they asked for the date that I started, so I gave them the date of my first event so it was backdated to that. I told TC's when we started claiming them (which was after I started party planning due to a change in DH's job) and literally gave them a figure of £0 for the current income, with a view to increasing it when I knew what it was likely to be. They were happy with this figure on the basis that when you start there are set up costs involved and for me as well I bought a lot of stock tog et me started (I know thats different for AS). So as yet I wouldnt worry about what income to declare for TC's purposes.

You know when you registered as SE how long did it take to actually become registered? I mean from when you first called... it's just I need to register then let tax credits know as soon as so we can get the childcare help...

However, for your own purposes it well worth setting some targets. Find out from your team leader what average party sales are, and then aim to do say one party a week, work out the commission and the costs involved, delivery, petrol, kit rent etc. Most party plan parties are an average of around £200 (£20 - £25 each for 8 - 10 guests) sales, I would imagine AS is more because of the high value of the products.

My unit organiser apparently has average party earnings of £70 a party. She does 3-4 parties a week as well but she's spent 4 1/2 yrs building that up. But the 'company' standard average is £40-£60 a party based on 23% commission..

Sassamac

After I phoned they sent something in the post straight away, you have to declare yourself as except from NI contributions (earning more than 5k in your first year is unlikely). I cant remember exactly but I do know that it was a lot easier than I had anticipated. They were really helpful on the phone. Theres some info about online but I have no idea where, I was givent eh link by someone else.
Its good that you've got figures to start on with working out your party profits. its working out the costs thats the hard part (posters for example theres paper, ink, etc.)

bananakinz

Just be careful about getting the exemptions from NI contributions - if you do you will not get any assistance like materity pay and a few other bits - read the exemptions carefully, for the sake of £10 a month ....

newmoneysaver_2

Hi Sar,

There is loads of useful info regading SE, Tax, NI on the mystery shopping thread here - might be of use to you!

Burlesque_Babe

As soon as I called Sar, I was registered. It was really easy. I told them I didn't think I would earn enough to have to pay the extra NI contributions in that financial year (It's something like £4,500, I was already paying through my first job) and I was sent an exemption certificate. This year I have earned more and I just called them, it was pretty painless to be honest. I told them I basically had no idea what I was doing and they were great!

immoral_angeluk

Thanks guys... feeling reassured about it now... what happens with tax etc though???

hypno06

immoral_angeluk wrote: »

Thanks guys... feeling reassured about it now... what happens with tax etc though???

the best thing to do is to open a new account - pay 20% of anything you earn from AS into this account and it will more than cover your tax when it falls due.

The revenue will send you a tax return at the end of the tax year, or you fill one in online and they will tell you the exact amount to pay - because you will have put it in a separate account you don't need to worry about where you will find the money to pay the tax bill.

Of course, you will have a tax bill that is probably much less than 20% of your earnings but better to save too much than too little.

Whatever you do, DON'T think that you will put the money away for tax at a later date........there are a number of people who are only on DFW because they failed to save up for their tax bills.

immoral_angeluk

hypno06 wrote: »

the best thing to do is to open a new account - pay 20% of anything you earn from AS into this account and it will more than cover your tax when it falls due.

The revenue will send you a tax return at the end of the tax year, or you fill one in online and they will tell you the exact amount to pay - because you will have put it in a separate account you don't need to worry about where you will find the money to pay the tax bill.

Of course, you will have a tax bill that is probably much less than 20% of your earnings but better to save too much than too little.

Whatever you do, DON'T think that you will put the money away for tax at a later date........there are a number of people who are only on DFW because they failed to save up for their tax bills.

Thanks... good job we opened that account through quidco then! lol

immoral_angeluk

All aboard the ninkynonk for Ashli's Birthday!

System

OH NO ITS THE NINKY NONK looks fab Sar