Help

[moneysaverman]

Im confused, i rushed into signing myself up as self employed and people are confusing me saying that i should wait until my business starts making money.
Its a website which is free and has advertisements.
How can i unregister i have tried phoning HMRC but they cant change it.
Being self employed is very confusing.

 

[akirk]

leave it - no big issue.
just get on with making money

and get an accountant to advise you

Alasdair

 

[Esk247]

depends on if you're employed by someone else while working on your business too i think.

i got a dual registration thingy that meant i could work for someone else as an employee and work on the business too (as long as it was below so many thousand a year threshold).

as above, wouldn't stress about it.

 

[moneysaverman]

I need some advice, my dad is confusing me saying that i should wait until i start making money because i have to pay contributions, if i register as small income then i am allowed to recieve up to £6000 odd a year without having to pay any contributions correct? surely if i leave the application to follow through i can cancel it then. I guess its a lot to take in being self employed for someone so young and inexperienced in the world of business. I have had one job but that was just in iceland.

 

[moneysaverman]

Thanks guys i feel better now i was overwhelmed by HMRC website. Its teaching me a lot though, and i feel im getting more confident by doing this as i was quite an unsocial person and un confident i guess.

 

[moneysaverman]

Think its time to give this a rest for today, its making me nervous lol.

 

[Seamless-Outsourcing]

Don't panic! Unless you are making money it won't make much difference to you

 

[Scott-Copywriter]

Im confused, i rushed into signing myself up as self employed and people are confusing me saying that i should wait until my business starts making money.
Its a website which is free and has advertisements.
How can i unregister i have tried phoning HMRC but they cant change it.
Being self employed is very confusing.

If you think this bit is confusing, then you might have some troubles ahead.

People are probably saying that because you're allowed to register as self-employed up to 3 months after you start trading.

This has two benefits:

1). You have 3 months to figure out if the business is actually going to make any money before you commit to registering (as, even if you make ANY money, you're going to have to complete a self-assessment at the end of the year).

2). It leaves you with 3 whole months to simply focus on starting your business without worrying about self-employment registration and so on.

Your best bet is to get help from an accountant and receive a free initial consultation (most good accountants offer them). You can then ask any questions and get a clearer picture.

 

[akirk]

If you think this bit is confusing, then you might have some troubles ahead.

People are probably saying that because you're allowed to register as self-employed up to 3 months after you start trading.

That has two benefits:

1). You have 3 months to figure out if the business is actually going to make any money before you commit to registering (as, even if you make ANY money, you're going to have to complete a self-assessment at the end of the year).

2). It leaves you with 3 whole months to simply focus on starting your business without worrying about self-employment registration and so on.

Your best bet is to get help from an accountant and receive a free initial consultation (most good accountants offer them). You can then ask any questions and get a clearer picture.

I don't know the details but a post (linking to HMRC) in another thread relating to the OP suggested that there is no longer a 3 month period...

the only issue I can see with registering and not making any money is that you will have to do self-assessment for tax... it isn't going to cost you anything...

I would set up a meeting with an accountant.

regards

Alasdair

 

[Seamless-Outsourcing]

I don't know the details but a post (linking to HMRC) in another thread relating to the OP suggested that there is no longer a 3 month period...

the only issue I can see with registering and not making any money is that you will have to do self-assessment for tax... it isn't going to cost you anything...

I would set up a meeting with an accountant.

regards

Alasdair

I'm pretty sure there is a 3 month allowance still? It isn't a set in stone thing, it just means you have three months to register your business before you are seen as earning without declaring as such. That's how it was explained to me anyway.

 

[moneysaverman]

Im extremely bad at graphic designing can anyone suggest a good template website? That is cheap.

 

[Scalloway]

I need some advice, my dad is confusing me saying that i should wait until i start making money because i have to pay contributions, if i register as small income then i am allowed to recieve up to £6000 odd a year without having to pay any contributions correct? surely if i leave the application to follow through i can cancel it then. I guess its a lot to take in being self employed for someone so young and inexperienced in the world of business. I have had one job but that was just in iceland.

If your profits are less than £5,075 this year you can request not to pay Self Employed National Insurance Contributions. The HMRC advice on National Insurance Contributions and low self employment income is here:

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