Setting up as a Sole Trader Part-Time
- Thread starter JNMann
- Start date
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
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
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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
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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.
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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.
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I have to set aside a third of my income and I still only just about make it sometimes. Something wrong do you think? :|
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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
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
if you have an accountant they will do all this for you
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
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
if you have an accountant they will do all this for you
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