i went self employed 5 days ago...

[harunh]

and got a email saying this: PLEASE SCROLL DOWN AND ANSWER MY QUESTIONS

Thanks lads

Thank you for your application to register as self-employed for National Insurance and Tax, received by us on 8/5/12. We will contact you again if we need any further information. Once we have processed your registration we will issue form SA250 which will confirm your Unique Taxpayer Reference (UTR) number and other relevant information. This process can take up to 4 to 6 weeks.

If you have applied without a valid National Insurance number (NINO) we will not be able to process your application or provide you with a UTR. You must have a valid National Insurance number before you can register for Self Assessment or Self employment. If you do not have a valid NINO you will need to attend an Evidence of Iden***y interview at a Jobcentre Plus or Social Security office. Please contact the Department for Work and Pensions on 0845 600 0643.

The original of this email was scanned for viruses by the Government Secure Intranet virus scanning service supplied by Cable&Wireless Worldwide in partnership with MessageLabs. (CCTM Certificate Number 2009/09/0052.) On leaving the GSi this email was certified virus free.

Communications via the GSi may be automatically logged, monitored and/or recorded for legal purposes.

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Am i legally self employed now ?

How should i pay tax?

im going to keep all my reciepts of everything i buy including diesel and all bits and bobs....

do they send me sheets to fill in and pay my taxes ?

Whos got an accountant ? how much would it cost me for 1 ? and what do i do on george... to show the accountant everything?

thanks

 

[GMcleaning]

speak to an accountant,(they will charge you for the privilege), they will tell you everything you need to know much better than anyone on here, and if you then use the same acc for your tax returns they will have everything they need to do the best for you, a good acc is worth their weight in gold!

 

[Ryan]

Am i legally self employed now ? yes

How should i pay tax? you dont till next april 2013 and youll have till oct 2013to file your return

im going to keep all my reciepts of everything i buy including diesel and all bits and bobs.... goood

do they send me sheets to fill in and pay my taxes ? aplly online

Whos got an accountant ? how much would it cost me for 1 ? and what do i do on george... to show the accountant everything? ring the closer's 1 to you and go in for a meeting and thayll go over it everyones cost is diffrent

things take time mate i'm now 2-3 months in and only now starting to get eveything in order ie

i sent off to pay class 2 ni and thay didnt get back to me for 3 weeks and only this week thay started takeing payments lol

best thing to do is wright a list of things you need to do and go down the list till thay all done it will take a few weeks but youll get there

 

[laddergarder]

welsh_cleaner pretty much answered everything there.

The only thing I would add is that if your income will not be over the threshold, which I believe is £5595 P/A then your can register as exempt for int 2 national insurance until round round is at a size that you believe with go over this amount, its your total income, so if you have a part time job then that has to come into it. But it will likely be a few months before you go over this, so you get a little reprieve from it.

To clarify its not when you go over it, it is when you believe you will go over it, i.g. your round is bring in more than £116(threshold/48weeks) per week.

Once you register for int 2, it is £2.65 per week. You can set it up as a direct debit.

Also an accountant will charge between £150 and £200 for a tax return, you can do it yourself, but it is advisable that you pay an accountant, they are up to date on changes to legislation, relief's, what you can and cant get etc.

The main thing is to keep good records.

 

[harunh]

its confusing... i need a unique tax reference number... ther going to take 4-6 weeks so ill just wait for that

 

[laddergarder]

Don't worry about it for now buddy, just keep all your correspondence you get from them in a folder, then give it to your accountant. You will get a government gateway id number sent out to you so you can file your tax returns online, that prob what they where talking about.