Bamboozled by the business side of things ... help!!!

[soul girl]

Im confused!!!!

Ok heres my situation, im currently working in the city in a bank where I have done for the past 22 years (since leaving school). I am now faced with the strong possibility of being made redundant ..... I've been doing nails for about a year now (mainly weekends)and feel that if I do find myself out of a job am happy to give the nails a real go.

My confusion lyes in what exactly doI delare myself as, if im mobile am i classed as being self employed and if so do I need to get registerd, how is tax and NI paid etc ....

Ive searched on here for some answers but find myself getting more confused with things like , getting an accountant, VAT, Self Ass tax returns becoming sole trader, learing how to do your own accounts... blah blah blah...

Now I guess that as ive never been in this situation before im a bit bamboozled by it all and what I need to do to keep on the right side of the law with regards to Mr tax man!!!!

Any advice would be great or indeed if there are any websites which are available for novices such as meto explain what exacty I need to do ...

Thanks

Tracey

 

[jotommo]

you would definatly be self employed (your working for yourself) lol
phone hm revenues and they will send a pack out (or do it over phone)
this will sort you N.I, tax and such........... NI is paid direct debit from your account every 3 months (it's not alot at all)
tax is paid in a lump sum after books have been done , tis is january , then you may pay half in june/july, half in january.
they will also put you on a half day busines course in your area and this shows you how to do your books and sort everything out!!
i have been in two minds just to get an accountant but have had one before (when i owned a salon) and it was £500 a year (alot when you don't earn that much)
spoke to a few on here and they say just to do it yourself online......

OR you could an accountant and the will sort everything for you , NI, tax, declaring yourself to tax, tax returns..
just up to you how much cash you have spare to pay for this xxxxxx

BEST OF LUCK XXXX

 

[persianista]

The business side of things is pretty easy. You can find out everything from either an accountant, the business link website and the hmrc website.
Building a viable business is much harder than administering it. x