paying tax!

[helenlovesnails]

Hi,

Am thinking of starting up doing nails mobile, i work full time in a salon, but just want to do a bit extra,

how do i go about paying tax etc? what do i need to do! and how much do you pay?

any help would be great thanks!

 

[nail_star2003]

Hi,

You will first need to register your business with the Inland Revenue. Take a look here HM Revenue & Customs: Starting in business. They will then advise you of your tax office etc. They offer free courses to help you undertand you self-assessment tax form as well.

I think as long as you do this everything becomes automated from the Inland Revenue.

To be honest, you get 3 months before you HAVE to register with the Inland Revenue so it might be an idea to see how much business your getting in the first few months and then you can decide whether or not it's worth it. However, if you do it this way, they will backdate your earnings to the the first date of your self employment.

I hope this helps and if I've forgotten anything or anything has changed(because it was ages since I did it) then please add or correct anything!!