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Registration with HM revenue
Hi,
I have been reading the various questions concerning registering with HM revenue and it is something which I need help on too. I am currently trying to get some freelance work in graphic design but I have not yet got any. I am assuming that I would be classed as a sole trader if I get some work? Do I need to register straight away or do I try and develop some clients first?
On the HM revenue site it mentions that I will pay tax once i reach the 'threshold'. I don't really have much understanding on how/when/if to register. Any help on how I should proceed would be much appreaciated .
Thanks
I have been reading the various questions concerning registering with HM revenue and it is something which I need help on too. I am currently trying to get some freelance work in graphic design but I have not yet got any. I am assuming that I would be classed as a sole trader if I get some work? Do I need to register straight away or do I try and develop some clients first?
On the HM revenue site it mentions that I will pay tax once i reach the 'threshold'. I don't really have much understanding on how/when/if to register. Any help on how I should proceed would be much appreaciated .
Thanks
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simonsjdaccountancy
Messages count : 23Likes count : 0Registration : 29 November 2006
I would definitely register first. Technically there would be no need until you get some income, but there is a three month time limit from that point after which you'd get a £100 fine for not registering. My bet is once you get your first paying client the Revenue would be the last thing you'd be interested in, so best get it out of the way!regpalm, post: 4099 a écrit : Hi,
I have been reading the various questions concerning registering with HM revenue and it is something which I need help on too. I am currently trying to get some freelance work in graphic design but I have not yet got any. I am assuming that I would be classed as a sole trader if I get some work? Do I need to register straight away or do I try and develop some clients first?
On the HM revenue site it mentions that I will pay tax once i reach the 'threshold'. I don't really have much understanding on how/when/if to register. Any help on how I should proceed would be much appreaciated .
Thanks - Contact in PM
playboy_bunnie
Messages count : 33Likes count : 0Registration : 23 December 2007You have 3 months to register from the day you are ready for work - i.e. open up shop, start advertising, etc. Not necessarily from your first pay check.
Technically you dont start paying tax until around 18 months into you starting as self-employed; dont worry too much as they send you all the necessary guidance.
The best thing to do is just keep everything - receipts, invoices, emails, coopys of contracts, payments etc. The more information you have the easier it is when completing your Tax Return, and generally easier to run your business.
:) - Contact in PM
MissTaylor
Messages count : 1Likes count : 0Registration : 9 February 2008Tax Query
Once you have registered as self-employed, the HM Revenue & Customs normally offer you day courses to help you understand about Tax and NI. Well they did with me.
Miss Taylor
Offers a Free Business Advice Guide at: misslindataylor@btinternet.com - Contact in PM
playboy_bunnie
Messages count : 33Likes count : 0Registration : 23 December 2007That's true, you can attend workshops ran by staff from HMRC or Business Link also provides insightful meetings also.
Plus you get free tea and biccies! 😃