The Tax Man!

[desiree53]

Hi

I started my new nail bar today and had such a positive day! I ended with Clients for most of the day and got rebookings for infills etc. It couldn't have gone any better really. I was so worried about how things were going to turn out but I am so glad I took the plunge to give up my boring office job and just go for it!!

I've been so busy planning everything and making sure I start on the right footing and I have read a few threads on here about Tax. I'm renting a space in a Hair & Beauty Salon so am totally self contained. I provide all my own materials etc and wondered if you geeks could let me know what the process is about paying Tax and National Insurance. Do you keep an Accounts book or just leave it all up to an Accountant at the end of the Tax year? What do I do about paying National Insurance contributions.

Would really appreciate any advice and tips you can give me.

Lynn

 

[oey]

You need to register with the Inland Revenue within 3 months of starting self employment.

HM Revenue & Customs: Self Employed this should tell you all the info you need.

 

[pure]

Like Theresa says you need to contact hm customs. give them a ring, they are really helpful and will help you in any way you need.

 

[desiree53]

Thanks very much for the info! I'll give them a ring and will also have a look the link! Can't help wishing that we didnt have to worry about the horrid Mr Tax Man :irked:

Lynn :o)

 

[loubylou]

The dreaded tax man lol
it is daunting isn't it hun but they offer courses for free to help you out with everything you don't know about or understand.
When you have registered with the tax man you will get a letter telling you how much national insurance contributions you need to pay, it will tell you about how often you make the payments and how you can pay the payments
(its not expensive hun) hth

 

[desiree53]

Thanks Louise. That answers my question about National Insurance also so will register and take it from there.

Cheers hun

Lynn

 

[zeldana]

make sure you register within the 3 months otherwise thay sting you £100 late register fee just to let you no lol