Starting up on your own

[Viks]

Hi All,

Looking for some advise - not sure where to post this but hopefully some of you can help.

I am currently employed full time and am starting to do paying clients in my spare time, but do i need to register as self employed too? I will not be doing many clients and am already insured.

In relation to taxes etc, i have kept a note of how much i have paid out equipment / training etc.

how do I go about it with already paying a tax on my current income??

Thanks
Vicki x

 

[g5m_sh]

Ring business link... Business support, information and advice | Business Link

They will give you all the info and more.

xx

 

[Viks]

thanks a lot x

 

[Mia-Cat]

Hey,
I did just the same thing!
Firstly call the tax office and give them a date of when you are going to start your business, thay normally say that you must tell thme within 3 months of your first client but i didnt, i told them that day!

then you must keep a book of all your expences and money coming in, for everything!
so all receipts for your kit must be kept, you can claim the v.a.t back. also petrol receipts if you mobile!

in this book, detail down all money coming in to the business too. any money you earn will be taxed so try to save and bank around 20% of it for when you need it to pay your tax bill. i set up a business account with the bank, nothing flash and no loans, but it will help when the tax office ask for your accounts at the end of the year as your beauty money would not be in your personal account, so you wont have to show them anything to do with your other job.

good luck and if you have any worries email me!