Setting up as a Sole Trader Part-Time

[JNMann]

I closed my full-time business about 3 years ago and now work full-time employed. I'm looking at setting up again as a Sole Trader but staying in full-time employment.

What do i need to do to start this? i.e. register for tax etc.

[Eagle]

Yes, you need to register with HMRC - just give them a call. :)

[elainec100@cheapaccounting]

see here for what you need to do:

http://www.franklyaccounts.co.uk/gettingsole1.php

If your self employed earnings are low then you can apply for exemption from class 2 NI. Use this form:

http://www.hmrc.gov.uk/forms/cf10.pdf

[MyAccountantOnline]

I closed my full-time business about 3 years ago and now work full-time employed. I'm looking at setting up again as a Sole Trader but staying in full-time employment.

What do i need to do to start this? i.e. register for tax etc.

Hi - you'll need to register with HM Revenue & Customs when you start. Here is a link to the HMRC website with the details you'll need - http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

[sn2476]

Down load a direct Debit form for class 2 NI and submit it.

[MyAccountantOnline]

Down load a direct Debit form for class 2 NI and submit it.

You do need to register with HM Revenue & Customs as well, you cant just apply to pay class 2 NI - the link I posted gives the details.

[robindunne]

You'll also need to set aside about a third of your profit for tax and national insurance - so you don't get a bill you can't pay at the end of the year.

[Eagle]

You'll also need to set aside about a third of your profit for tax and national insurance - so you don't get a bill you can't pay at the end of the year.
I have to set aside a third of my income and I still only just about make it sometimes. Something wrong do you think? :|

[Blackberry]

Presumably when you had your previous business you were a sole trader also? if this is the case you'll already be registered in the tax systme and have a UTR etc - you just wont have been required to file a tax return for the last few years

Its simply a case of giving your tax office a call (number will be on correspondence you have from HMRC) and telling them your starting a new business and need to file a tax return this can also be done online here (http://online.hmrc.gov.uk/shortforms/form/CWF1ST?dept-name=CWF1&sub-dept-name=&location=40&origin=http://www.hmrc.gov.uk)

If your profits are going to be less than £5075 per year you wont need to pay class 2 NI and can apply for exemption using form CF10 here (http://hmrc.gov.uk/forms/cf10.pdf)

if you have an accountant they will do all this for you