Going Self Employed! What happens

[Kaye]

Due to work (currently outside of the industy) about to go A over T looking into my options and how HARD it would be to go self employed i.e. what do you need to work out so that you dont get into trouble with tax man etc.

also how does it work if i ended up just doing less hours at my place, say part time employed part time self employed?

its all a bit daunting is all and i went to look on inland revnue sight and it baffled me - possibly a bit because its late and got tired of looking for information!!
any help greatly appreciated.


As I said just looking into my options for now!

Recession!!

loadsa love to you geeks x

 

[anna592]

its quite easy tbh.

i just registered with the inland revenue (over the phone). i received national insurance bills monthly...tax is yearly. i also have another job, and the tax does work out more. it may be best to ring the inland revenue and discuss everything with them.

just make sure you note EVERYTHING income and expenditure wise.

 

[ljohnson9889]

i dont really understand either kaye!!

iv just got a part time job in a salon and i am employed there but they asked me about going self employed but i just dont get want you need to do each month etc, what happens with the money you make etc!!!

id love to do it but i just dont get it lol!!

 

[SammiG]

I was soooo worried about this when I started. I phoned inland revenue and told them my plans. I got NI book sent to me which I pay quarterly but I'm not sure about that if you are already working too.

I'm so rubbish at paperwork and got confused, so I found a local book keeper. She's a qualified single mum and does it from home when her little one is at school. I literally give her a tesco bag full of my reciepts, invoices, bank statements etc every quarter and she sorts it out for me! I opened an account just for business. She does my tax returns and everything. (I signed to authorise her to act on my behafl).

It's much cheaper than an accountant and has worked out well. As it would take me hours to do what she can do in 15 mins, it's worth it for me!

If you are good at numbers etc, I know many people that just do their own books/tax returns and say it's really easy.

Sam xx

 

[Kaye]

thanks hun! thats great for ur advice ill take it all in, still havent done much, booked more workshops etc slow process i think for me! cant rely on leaving my job completely so lol