If I send out leaflets, will the tax man get me!?

[looby4444]

hi guys!

i have worked mobile for a yr or so now, but it really started to take off since i did the creative L&P course. im only doing it part time but at the moment its going mad and im earning loads of pocket change!!

my boyf is an accountant and i mentioned to him that i really need to start putting the money away as soon as i earn it so that i can but new stuff, cos at the moment i tend to buy stuff then end up spending the rest on a friday night. i really wanna build up a business and nows seems the best time.

so i decided to do some leaflets n stuff but havent taken em round yet cos im worried that if i deliver to a tax man or something they may start asking q's!

should i get all legal before i take leaflets round?? im insured for everything.

 

[jackiee]

better to be safe!! all you have to do is register self employed with tax office and then end of year fill in self assement.. obviously having accountant as a boyfriend should take all worry out of what you have to do. remember to keep all your receipts. you have to register self employed within 3 months of starting your business.

 

[MINKUS]

you dont want to get on the wrong side of the taxman matey.....get yourself registered! Especially if your advertising

AMb x

 

[caz3]

I would if I was you at the end of the day you might not even have to pay any tax once you fill your form in as they will take into account what you are paying out on products throughout the year.

Caz xxx

 

[PenelopePitstop]

Avoid the £100 fine..like the others say get yourself legal...it'll be a weight off your mind

xx

 

[geeg]

You said your boyfriend is an ACCOUNTANT ... why have you not asked him this question?

It is obvious that you need always to do things the correct and legal way.

 

[looby4444]

yeah i have asked him, he said not till the business really gets going, as i just do a set every couple of nights. but at the moments its every night so thats why im contemplating it now.

 

[PenelopePitstop]

yeah i have asked him, he said not till the business really gets going, as i just do a set every couple of nights. but at the moments its every night so thats why im contemplating it now.

you should do it as soon as you start taking money really. there's always someone out there that will be more than happy to snitch on you :Scared:

Good Luck

XX

 

[looby4444]

i didnt really think about it till recently because since i qualified last month, i was just doing family but now more and more ppl are asking me for them so i just realised that im actually running a business now and not just practicing anymore!

god i feel well silly now!!!:irked:

 

[~shelley~]

Hiya - can someone tel me how to go about informing the taxman etc - i havnt started buiness properly yet but will be in a few weeks, do i have to pay tax, ni, etc, even if i am not earning as such as i am spending etc, thanx, shelley xx

 

[PenelopePitstop]

i didnt really think about it till recently because since i qualified last month, i was just doing family but now more and more ppl are asking me for them so i just realised that im actually running a business now and not just practicing anymore!

god i feel well silly now!!!:irked:

don't feel silly...you only know what you know!!

xx

 

[MINKUS]

you'll get a tax return......in it you put expenditures...then earnings...mine was a big fat MINUS so i have no tax to pay...but if you have earnt anything....thats what you pay tax on and they will work it out for you if you get the form in in time........Quite normal in the first year to make a loss as its all swallowed up by training and supplies.

Ambx

 

[~shelley~]

you'll get a tax return......in it you put expenditures...then earnings...mine was a big fat MINUS so i have no tax to pay...but if you have earnt anything....thats what you pay tax on and they will work it out for you if you get the form in in time........Quite normal in the first year to make a loss as its all swallowed up by training and supplies.

Ambx

Thankyou, xxx

 

[SammiG]

Hi Hunny,

All i did is went to see an accountant. Thats it!
He registered me with the Tax office and you dont have to do anything apart from keep records of ins and outs reciepts etc.

If you r only working part time, Its unlikely you will have to pay a lot anyway!
You do have to pay national insurance though so its worth asking about that.

As long as they are informed of what you are doing, they dont mind. That means you can advertise as much as you want and not have that worry.

Sam xx

 

[looby4444]

you'll get a tax return......in it you put expenditures...then earnings...mine was a big fat MINUS so i have no tax to pay...but if you have earnt anything....thats what you pay tax on and they will work it out for you if you get the form in in time........Quite normal in the first year to make a loss as its all swallowed up by training and supplies.

Ambx

thank for the advice!!!

i will get my boyf to sort it for me, my own in house accountant!! tee hee...hes gonna love me

im also gonna set up doing parties with his sister for kids, can this go through the same accounts or is that gonna get complicated??

lou x

 

[extensionten]

i didnt really think about it till recently because since i qualified last month, i was just doing family but now more and more ppl are asking me for them so i just realised that im actually running a business now and not just practicing anymore!

god i feel well silly now!!!:irked:

No don't feel silly.... glad I saw this, I was thinking the very same thing!!! But you get caught up in learning, practicing, slowly you start to charge a bit, then you get lots of people and hey you have a business!! and it shocks you to realise you actually take some money and not just hand it out all the time!!.... right wheres that number?:biggrin:

 

[looby4444]

spot on kirsten, it hits you in your face that your not just a college practicer!

thanks hun dont feel so daft and blond now!

yes wheres that no.....

 

[mum]

I don't want to be 'goody two shoes' here but I hope all you mobile Geeks (and the majority of Geeks are) are tax 'legal'!

As soon as you recieve a payment it is income and taxable! Apart from the moral and ethical issues, how do you know that an upset client won't call that freephone number in every newspaper; you may be advertising to a Tax Inspector; a bitter technician in the same area may decide to tell on you!!!

If your business is small, the chances are that you will have no extra tax to pay as there will be many tax deductable items.

It may be a headache but you MUST be legal. Your self-assessment form must include the 'self-employed' bit. Your local Tax Office actually are very happy to help, not catch you out. You can phone or go into see themand they will help you through it if you can't afford an accountant (or have a friendly one at home)

It is illegal not to declare all your income and no one wants a fine and be the tax equivilent of 'blacklisted' where everything is questioned!

 

[extensionten]

I don't want to be 'goody two shoes' here but I hope all you mobile Geeks (and the majority of Geeks are) are tax 'legal'!

As soon as you recieve a payment it is income and taxable! Apart from the moral and ethical issues, how do you know that an upset client won't call that freephone number in every newspaper; you may be advertising to a Tax Inspector; a bitter technician in the same area may decide to tell on you!!!

If your business is small, the chances are that you will have no extra tax to pay as there will be many tax deductable items.

It may be a headache but you MUST be legal. Your self-assessment form must include the 'self-employed' bit. Your local Tax Office actually are very happy to help, not catch you out. You can phone or go into see themand they will help you through it if you can't afford an accountant (or have a friendly one at home)

It is illegal not to declare all your income and no one wants a fine and be the tax equivilent of 'blacklisted' where everything is questioned!

:Scared: :o all of the above!!! great i wont sleep tonightxxlol

 

[cuticles]

I am seconding what Mum says, just register within 3 months of starting the business, keep your receipts and record of your income, work it and and notify them at the year end. There is £100 fine that they CAN apply, I can't remember off the top of my head what % they have fined. DON'T stress about it - just get it down and concentrate on building your business

Cathyx