Registering as self employed

[MarkG]

Hello,

I started a business around 1 year ago now, very young, all these ideas, excited etc. Didn't know nothing about running a business and didn't register as self employed, as I actually didn't know I needed too

I now want to get everything done "properly" all legal etc, where do I start? Do I tell HM Customs that I have been running for one year? Will I be prosecuted? Im quite worried over it all.

Any advice much appreciated.

 

[DuaneJackson]

I very much doubt you'll be prosecuted. Phone them without giving your name to ask them a hypothetical question.

 

[Joyous]

You won't get prosecuted but you will be fined £100.

The easiest way to register is on the phone via the self employment helpline (08459 154515).

Regards

Joy

 

[Faith28]

Just give them the start date of your trading activity if it was up to 3 months ago you will not get fined any more then they will apply the £100 penalty. As with a lot of things in life ignorance is not an excuse.

But are you sure you started trading a year ago? :wink:

 

[mumper]

I made the same mistake and got it sorted when I got an accountant. For some reason the IR didn't fine me the £100 for not telling them within 3 months.

I think they have bigger fish to fry than the odd entrepreneur who in their excitement forgets to inform them.

Mark - get an accountant sorted out asap - that's the first step,

Good luck.

 

[Robinjw13]

MarkG, I was given this advice:

'...not necessary until we start actively trying to make a profit or gain and advertise our product....'

So I registered as self-employed several months after the date of company incorporation, on the specific advice of the Inland Revenue. This may take you into the 3-month grace period you have where you are not fined.