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Excitement - Corrosive Shame
Therapy for Life
kneeshooter
kneeshooter
Excitement
I'm now registered for tax as self-employed.

Fortunately the £2.10 a week Class 2 NIC can be exempted - otherwise I'll be making a loss without even trying. The plus side is that I can offset losses against the (massive amount of) tax I pay with my day job.

Other possible losses I expect to make include a new camera, some lights and a new PC.

gulp

The first time I called they told me that I'd be liable for a £100 fine if I registered a start date more than 3 months ago. So I put the phone down and went off to "check my paperwork".

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4 lies or Lie to me
Comments
velvet_the_cat From: velvet_the_cat Date: October 17th, 2006 12:18 pm (UTC) (Link)
Heck, I hadn't realised you were going down that route. I could have told you a fair amount about it. (Guess what I did in May!)

The tax office run free half day seminars in the city centre for new small business start ups. I found it really helpful as it provided a LOT more ideas on what can/can't be offset for tax. Things like lights, PC and camera will be capital expenditure rather than just general expenses and thus get treated differently (offsetting the tax over time, rather than all in year 1).

If you're interested, I'll dig out the contact details for the folks that organise the courses. Thinking about it, they also run another one on actually completing the self-assessment tax forms too. I'm holding off on that until nearer the end of the next tax year (so it's fresh). If you're within 3 months of *the* start date, you won't have to worry about completing one until next year either.

Welcome to the world of saving receipts for EVERYTHING! :o)
kneeshooter From: kneeshooter Date: October 17th, 2006 12:56 pm (UTC) (Link)
That sounds great - would appreciate contact details. I'd like to be able to offset a large amount of money...

I'm not intending to make this full-time - or ever really expect to make a profit - but I thought I should after listening to a nice man talk about it at the weekend.

Self-assessment forms don't scare me - that much. So I'll be seeing you on that course too...
velvet_the_cat From: velvet_the_cat Date: October 17th, 2006 06:01 pm (UTC) (Link)
You're after the HM Revenue & Customs Business Support Team:

Northgate House
Agard Street
Derby
DE1 1RU

01332 724410 Mon-Fri 08:30 to 17:00
www.hmrc.gov.uk/bst

The workshop I went on was called "Becoming Self Employed".

There was a wide range of people on it when I went - some far more... able, shall we say, than others - but it was still well worth it for the pointers I picked up on. It's designed to explain how to register, the basics of tax, NI and VAT along with what to send where, when and how.

I found it useful for thinking ahead to the next tax return, having an idea of what to keep and how I can offset expenses and the like.
kneeshooter From: kneeshooter Date: October 17th, 2006 06:40 pm (UTC) (Link)
Cool! Most of the stuff on the revenue and Business Link websites make sense - but I'm still confused by the "short life assets" and so on.

I guess I need to spend a bit of time with an accountant :-(
4 lies or Lie to me