Please help, someone with a registered business?

[louiser]

Afternoon everyone,

I am only just begining to set up my own business. I still training in various things and now I am looking to have a 'proper' business and look at hard advertising into bringing in new clients, rather than friends, family and old science teachers etc...... :green:

So, I have been looking on the HM Revenue and Customs webby and nothing makes any sense! I was just wondering if ayone would mind explaining the procedure to me?

Things I don't know / can't find are:

• How do they work out how much tax to take from you? (Will it be affected by the fact that I also have a full time job?
• When do they take your tax from you?
• What sort of paper work do you need to save? And what do you do with it?!
• Is is reasonable to think I would be able to do my own tax return or wouldI really need a accountant?
• How do you actually becone registered?!

Thank you for reading everyone,

I understand if you don't want to post on here and you'd rather PM,


Louise (confused!) xx

 

[wishbabe]

Hi if you go to HM Revenue web site and get the phone number and give them a call.

They need to know when you started working and that will be your business start date. They will then give you all the information you need over the phone or via leaflets in mail.

Good luck X

 

[louiser]

Hiya,

Thank you for your reply.

I rang them to ask them for the form to fill in but she didn't mention anything about the leaflets. Do these come though automatically with the form or do I need to ask for them?

 

[Impulse1976]

Hi there if you call your local businesslink they offer help and advice in this area. They have helped me no end and i am actually in the process of getting a grant from them too. Good luck with your business, i was like this three months ago and the help and advice from this site and business link i am nearly all set to go.

 

[Susie H]

My start date on the forms was from when I began my foundation course.
This was to make sure I could put in all my training fee's
I keep receipts for everything I buy and I always put on the back exactly what I bought and the date because receipts can fade. I put them in envelopes and have one for each month.
Yes having a full time job does effect what you pay in tax but seeing as I was self employed with both my jobs and now having started again as yet have no clients I'm afraid I'm no help on that one.
You should get all the leaflets sent with the forms and if you don't, then call and ask for them, business link are very helpful and no you shouldn't have any problems filling in your own tax return.
Remember that no one expects you to pull a profit in your first year or even your second mainly because of your start up costs and continued training.
There are many things you can claim for, if you do your accounts at home and store your stuff there you can claim part of your home for tax relief also your car, I cant remember the % but it all adds up.
So the most inportant thing is keep every bit of paper work.
And get that web site up. If I could get my oh to get on with mine:smack:
nuff said:lol:

 

[Terese]

Buisness Link...have a great website with all the info you are after. There are also links from their site to others

Dont forget as well if you are going self employed to pay your NI stamp

Good luck with it allx

 

[Susie H]

Buisness Link...have a great website with all the info you are after. There are also links from their site to others

Dont forget as well if you are going self employed to pay your NI stamp

Good luck with it allx

hi hun, Louiser has a full time employed job so her NI is already paid and at a much higher rate.
But yes if and when she jacks the day job she will have to make sure she pays her class 2 stamp and remember that the class 4 stamp is added to the tax bill:hug:

 

[Terese]

Cheers for that.. Its been a long dayxx

 

[louiser]

Oh god! I'm so confused!

So would I pay more tax with my 'part-time self employed job' as it is a second job?

I'm going to get in touch with the business link, thank you xx

 

[slingwood]

hi hun, i started a new business in aug last year and yeah its very confusing. a lot of hard work and you pobably wont make any profit for at least the first year. all i can say is as the posts above KEEP EVERYTHING, but the best advise is to get a good accountant, i know it sounds expensive but HONESTLY they will save you a lot more money than they cost and take a lot of stress that you dont need off your shoulders. and good luck x