self employment.....

[Mr T]

ok well I need to take some time to learn more about this! thanks for your advice mate its appreciated. and thanks I know its hard as it is so may aswell try to earn a bit of bread for the kids prezzies... one question that's on my mind do I just have to put %20 away from net profit of my jobs? or will the hmrc want more money off me? thanks lee

 

[White Room]

I will do a quick summary of what you need/should do.......

First off.......contact HMRC.....and tell them you wish to become self employed.......and in due course they will issue you with a UTR (unique tax reference)........
the next thing you should do is approach an accountant.....(if you feel you need to, or if you think they could advise you on ways to save money!).....
you will need to SAVE 20% (i Guess) of your income and pay that into a savings account (for your end of year).......and while you are there (in the bank) take a letterhead from your newly formed company and open a business account....(for your customers to pay into!).....

IMO a credit card is the best way to keep accounts simple......but there are variables....to that statement.......pay your credit card off statement to statement and there will be no interest and all company outlay is listed in one place.......simples!......

after this you are on your own.......but you could always ask your accountant you employed earlier in the day! and he will give you the best advice!

all the best

Lee.......oh and good luck........its tough out there!

Lee

Never had a business account Lee....everything goes through my current account.

 

[prceramics]

just ditched my business account and using a current account loads cheaper

 

[Mr T]

I wont be opening aa business account but will be getting a simple cash card account for customers to pay in... and for my beer money to come out lol... I have a savings account that at this time is bone dry so no problem there... and if I simply go to my bank say on the last day of each month and take the money out... I should be ok when it boils down to april coming along.

 

[Protilers]

Hi whitebeam......

whatever suits you really....there is no NEED for a business account.......but if you operate from your current account you need to give your PERSONAL statements to your accountant (if you have one) at E.O.Y...

hourses for courses?

all the best

Lee

 

[Protilers]

you do not NEED to pay the bank anything for a business account........if you dont want to.....there is nothing dodgy in getting you customer to pay you personally......and then you transfering the money into your business account via online banking...avoiding all bank charges.........this aside.....it was just a heads up........and everyone does it differently Mr T.......like tiling funny enough!

All the best

Lee

 

[Protilers]

April is (generally) when you submit you records MR T.......you don't (generally) have to pay your tax until January......

just to make things a little more confusing for you!!!!

heheheheeheeeeee

 

[Mr T]

I will have to see an advisor at the bank to see what we can arrange... think I may have to book an appointment with citizens advice too... thanks again lee good man!

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that's even better then lol...

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is there a limit you can earn before tax? im sure I heard something on the radio about 9,000 before self employed have to pay tax? cheers

 

[Protilers]

I will have to see an advisor at the bank to see what we can arrange... think I may have to book an appointment with citizens advice too... thanks again lee good man!

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that's even better then lol...

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is there a limit you can earn before tax? im sure I heard something on the radio about 9,000 before self employed have to pay tax? cheers

I dont know the limit TBH......but yes...if you earn sub whatever the limit is.......you will proberbly get a tax refund or pay no tax whatsoever........but I am a tiler....not a tax advisor.....

best of luck......nite nite

Lee

 

[White Room]

Hi whitebeam......

whatever suits you really....there is no NEED for a business account.......but if you operate from your current account you need to give your PERSONAL statements to your accountant (if you have one) at E.O.Y...

hourses for courses?

Oh yes I have one but been with him for so long there's nothing he dos'nt know about my accounts mate, scary :lol: