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Tax & NIC
Hi all,
I'm looking into going self employed but i am not sure what to do.
I work an normal 9-6 job, and then when I get home, in my spare time I have been working on a clients web site (from the USA.)
It's now the point where he's sending me money, and I am looking at registering as self employed.
Now I am not sure whether i should register as self employed to just declare this money, as I don't think I will be doing any more work. But I can't guarentee, and of course i don't fancy the tax man bending me over if I don't declare it.
Does anyone have any advice?
Thank you ALL in advance!
Gav
I'm looking into going self employed but i am not sure what to do.
I work an normal 9-6 job, and then when I get home, in my spare time I have been working on a clients web site (from the USA.)
It's now the point where he's sending me money, and I am looking at registering as self employed.
Now I am not sure whether i should register as self employed to just declare this money, as I don't think I will be doing any more work. But I can't guarentee, and of course i don't fancy the tax man bending me over if I don't declare it.
Does anyone have any advice?
Thank you ALL in advance!
Gav
- Contact in PM
GTFC
Messages count : 30Likes count : 0Registration : 6 February 2008Hiya,
If you are working full time you do not need to register as self employed for NI purposes. However, technically you should declare the income to the tax office as part of your overall income for the year.
Cheers,
Gill----------------------------------------------------------------- The secret of happiness is to find something you enjoy doing and then to get someone to pay you for doing it! - Contact in PM
playboy_bunnie
Messages count : 33Likes count : 0Registration : 23 December 2007That is a common misconception.
You have to register as self-employed within 3 months of being available for work (not 3 months after getting paid or whatever).
Unless you can declare your self-employed earnings will be beneath the current threshold then you WILL have to pay Class 2 National Insurance, regardless of your fulltime job.
Besides tax, you may also be liable to pay Class 4 National Insurance on your Self Assessment, taken by the taxman, depending on your earnings.
I suggest you register asap, and get it out the way.