Credit crunch,is it better settin up mobile and not registering the business????

[bella123]

i am in the middle of settin upmy business but i havnt got much clientele at the moment so is it better startin out forst and not registerin??

 

[ADP]

It may have changed...but I think Inland Rev give you 3months to register dont' they ?

This will be interesting to see if anyone knows for sure...

 

[Deena]

You need to register within three months of starting. You won't be expected to hand over money you haven't earned, so it's a bit of a faff for not a lot in some cases, but it keeps everything straight for you.

 

[Layrex9]

For sure.

If you don't register the business within the first three months you will be liable for a £100 fine from HMR&C.

If you don't do so in the first three months you could also fudge your start date, but I didn't say that.

 

[izzidoll]

You have to register with HMR &C within 3 months of setting up as self employed. They are very helpful and I always got a lot of good advice from them, especially when later on I employed staff.

Sorry girls, but if I have to pay tax on my earnings, why shouldn't you!!!

I would not advise anyone to try and cheat the tax man, not even as a joke.

Also, what makes you think that staff from HMR&C don't come on here and read threads???....I am sure some of their employees are even geeks, who do nails on the side, .....declaring all their earnings of course.

As you are just setting up Bella....you will have to buy all your equipment, which is capital expense and not taxable, so in your first year you really will on paper not have earned much and have very little if any tax to pay.

Sadly, it is in times of recession that people get very antsy if they see someone doing better than them, and therefore someone thinking you are out there earning a fortune ( you wish!!) whilst they are struggling, may well pick up the phone and fire you in to the tax man.

In life I find it is always best to keep yourself right......then you will have less to worry about

 

[Lynne Baker]

Hear hear, Izzie

 

[Jessica Rabbit]

You have to register with HMR &C within 3 months of setting up as self employed. They are very helpful and I always got a lot of good advice from them, especially when later on I employed staff.

Sorry girls, but if I have to pay tax on my earnings, why shouldn't you!!!

I would not advise anyone to try and cheat the tax man, not even as a joke.

Also, what makes you think that staff from HMR&C don't come on here and read threads???....I am sure some of their employees are even geeks, who do nails on the side, .....declaring all their earnings of course.

As you are just setting up Bella....you will have to buy all your equipment, which is capital expense and not taxable, so in your first year you really will on paper not have earned much and have very little if any tax to pay.

Sadly, it is in times of recession that people get very antsy if they see someone doing better than them, and therefore someone thinking you are out there earning a fortune ( you wish!!) whilst they are struggling, may well pick up the phone and fire you in to the tax man.

In life I find it is always best to keep yourself right......then you will have less to worry about

Hi Izzie

I work for the inland revenue part time and you a right.. Three months to set up.. So you dont know who comes on the site...
I have also posted details on the site regards to money that some people may have lost out on due to goverment not given out correct info...

 

[bombini]

You absolutley need to register there is nothing stopping you waiting until the three months are up but even if you have hardly earnt anything and have decided to pack it all in it still needs to be done !

It always backfires in someway if you try and do it by the backdoor.

 

[bella123]

thanks everyone for all your messeges,they will very helpfull

 

[Missy G]

Another benefit of you registering you can get yourself on the self employed work shop to see all what you can claim tax back on .
I was quite surprised what I found I could claim for when I went on mine,and was glad I did..

 

[Cathie!]

Definately register to be belt and braces. I think you can earn about £80 odds per week (provided you're not claiming benefits) without having to pay tax and minimum National Insurance for self-employed is £2 per week.

Good luck.

 

[Jessica Rabbit]

Hi its just under £6500 per year before you hit threshold to pay tax.. hth xx

 

[Becca Bee]

Hiya

What happens if you all ready have a full time job, and are only doing a small number of clients, and are not really earning much at all?

Rebecca

 

[Lynne Baker]

You still have to declare it!

 

[Bagpuss]

another bonus of registering (apart from being legal) is they can offer you a FREE 1 day book keeping course....it really helps with knowing what you should be putting through and how to work stuff out.

They ain't monsters...they are there to help you x

 

[Becca Bee]

mmm, i'm sure they's like to think that they're to help...

I'm afraid i'm twice shy, because i've been once bitten by them.

Before i re-trained i used to run the family engineering company, and they were the thorn in the side of the business, and almost succeeded in getting it closed down.

It has gone now, and i am so glad, it was nothing but stress. I guess i'm a bit reticent to get back involved with them...

I love beauty therapy, and cant sometimes believe i ran a manufacturing company for 5 years...

Rebecca

 

[Kim Lawless]

You can claim so much back that you won't have to pay any tax probably but you should register. xx

 

[Angelaznailz]

Hi Izzie

I work for the inland revenue part time and you a right.. Three months to set up.. So you dont know who comes on the site...
.

Gulp :Scared:
LOL