Financial help pleasings

[Tan_Dan]

Hi,

Is anyone out there an Accountant or Financial Expert? Basically, I'm a mobile spray tanner. I work full time already so this is just a hobby/part time job.

I was wondering what I do about the tax man. Do I need to register myself somewhere. Can I earn a certain amount before the tax man takes a chunk?

Ive been letting my money made from tans just sit in a pot as I daren't spend any because I dont know what I'll have to pay in tax and I don't want to leave myself short.

Ive kept a spreadsheet of all my incomings/outgoings, but I'm just a little unsure about what to do.

Thanks x

 

[Tinaballerina]

Hi,

Is anyone out there an Accountant or Financial Expert? Basically, I'm a mobile spray tanner. I work full time already so this is just a hobby/part time job.

I was wondering what I do about the tax man. Do I need to register myself somewhere. Can I earn a certain amount before the tax man takes a chunk?

Ive been letting my money made from tans just sit in a pot as I daren't spend any because I dont know what I'll have to pay in tax and I don't want to leave myself short.

Ive kept a spreadsheet of all my incomings/outgoings, but I'm just a little unsure about what to do.

Thanks x

Hi There,

Yes you will need to regsiter with the HMRC, heres a usefull link for you;

HM Revenue & Customs: Registering for Self Assessment

Give them a ring if youare unsure! you will need to complete a tax return every april.

I hope that helps x

 

[sunshineinme]

You MUST register yourself as self employed within 3months from starting your business. You also MUST register to pay NI contributions and you have an option to apply for an exempt from NI contributions if you know you won't earn over certain amount etc. But there are + and - to it so read carefully before you chose your option.

You should keep note of all income and expenditure (incl. Petrol receipts, car maintenance etc. as you can claim % of it towards your business expenditures) and at the end of the tax year complete the tax return form. Remember that interest rates earned from savings are your income as well.

If you ate working full time elsewhere I highly recommend seeing an accountants. It is a bit more complicated when two jobs come in to equation.

Beginnings are always difficult but it will be easier as the time goes xxx