Starting a business

[Lorrainelola]

Although I am still employed full time at my local school I really want nails to take off and am doing everything i can to get it going. I have produced flyers, made a website, got business cards printed, having car door magnets printed and have opened a business bank account.

I know the next thing i need to do is contact the Inland Revenue. I am doing everything properly because if my ex husband gets wind of me actually doing something constructive he will almost certainly shop me to the inland revenue if I decided to go mobile without doing it. What concerns me is that I am still building up my clients and things have been very quiet and I don't want to end up paying tax if I am not actually doing any business. I have 3 months to inform the Inland Revenue.

Does anyone have any advice? What did you do when you went mobile or started work from home?
Many thanks
Lorraine x

 

[meme1234]

Hi Lorraine,
You can earn up to a certain amount per year with out paying tax (this is your tax code with a 0 on the end i think) if you think you will earn a low amount you can also opt out of class 2 ni contributions...it all depends if you carry on with your full time job (you can pay ur self employed tax through your paye tax if that makes sense) the best thing to do is ring your local tax office they are very helpfull and will even guide you through the self assessment forms. I have just finished my first year of being self employed and its not as scary as i thought it would be. i informed the I.R after about 2 months, you dont pay the tax straight away they send you a self assessment form and then about 3 months later they send you a statement ( well thats what they did with me)

i hope that helps sorry for the ramble

maria x

 

[Lorrainelola]

Thank you so much for taking the time and effort to reply to me. I am just so worried. You hear stories about people getting high tax bills. I am not trying to get away with not doing the correct things.

Thanks again
Lorraine x
(I have left you good rep) x

 

[Impulse1976]

You have to earn lots and lots to get high tax bills If you are just starting up you may make a loss in your first year like many of us on here, but you have to keep going because it feels good when the money does start to roll in. Contact your local inland revenue because they have free courses which are really helpful, i went on one last year and i am going on the same one again this year to help me fill out my tax return.

 

[Lorrainelola]

You have to earn lots and lots to get high tax bills If you are just starting up you may make a loss in your first year like many of us on here, but you have to keep going because it feels good when the money does start to roll in. Contact your local inland revenue because they have free courses which are really helpful, i went on one last year and i am going on the same one again this year to help me fill out my tax return.

Thank you so much for that advice. Much appreciated. I am just panicking I think. So much to think about and I don't want to get anything wrong.
Thanks again
Lorraine x