NIC help and other finance Qs

[d2work]

I have just registered as self employed and want to stat making national insurance contributions but I also have a full time job where I already pay my NI and income tax, will paying the weekly national insurance not mean that I will be overpaying NI and if so will I get a refund for any overpayment?

I understand that because I started in may this year when I do my self asessment I may not even pay tax this year but will have to pay it twice the year after is this correct?

I have read about how as a sole trader I can take money from my business account to use as a wage and should account for it but when doing self assessment does the money I take count towered taxable profits?

[MyAccountantOnline]

I have just registered as self employed and want to stat making national insurance contributions but I also have a full time job where I already pay my NI and income tax, will paying the weekly national insurance not mean that I will be overpaying NI and if so will I get a refund for any overpayment?

You may want to look at deferring your NI - have a read here this should have all of the information you need

http://www.hmrc.gov.uk/working/intro/employed-selfemployed.htm


I understand that because I started in may this year when I do my self asessment I may not even pay tax this year but will have to pay it twice the year after is this correct?


As you started self employment in May your first tax return as a self employed person will be for the tax year to 5 April 2011 and any tax due will be payable in January 2012. At that time you may also (depending on how much your tax bill was) have to pay tax on account for next year based on the previous year. Bear in mind you can ask for your tax to be collected via your tax code depending on the amount.


I have read about how as a sole trader I can take money from my business account to use as a wage and should account for it but when doing self assessment does the money I take count towered taxable profits?

As a soletrader what you take out of the business for personal use isnt wages but 'drawings'. Drawings dont save any tax and arent an allowable expense.

[d2work]

Thanks for the help there, I think I will just register for NIC as I cant defer until next year anyway it says and the class 2 over a year isnt much.

Another question - I have only just registered my business but when I started doing affiliate marketing in May I called my business name something completely different, now on registering with HMRC I have my new name but my 2 invoices for May and June from my affiliate have my old business name on the top.

What should I do about this? Will it matter at all or should I change the invoices in word or something or ask the affiliate company to see if they will amend it?