When do i need to register my business ?

[justwondering]

Help please....

1)I started trading in early November 2012 , i am under the impression i have to register my business with HMRC within 3 months of starting my business , but i did read online that really it is more like 4 months , as i need to register within 3 months of my 1st full month of trading....

2)I am a sole trader , i may of jumped the gun and i have already opened a business acccount , but have opened this in a trading name....is this incorrect ? should i have opened the business account in just my own name and not in a business name ?

My business bank account has not been used as all the funds i have left in my paypal account , i use a paypal switch card to pay for my postal costs.

3) I have not been paying my national insurance....as i have not yet paid myself a wage.....but after doing some reading , it still looks as if i need to pay National insurance , is there any grace period say 3 months , as i do not want to be given a fine.

Ideally i would like to register my business online perhaps tomorrow , but i am a bit worried i have made mistakes based on the above , before i have even started......

Advice please

 

[Yorkshire&Online]

A bank account in your trading name is fine or you could have the account name as eg Joe bloggs trading as xxxxx

As far as registering with HMRC, just do that straight away and start paying your Class 2 NICs. They don't usually impose any fines for backdating them a few months.

 

[Dawn Lane]

When you speak with HMRC re self employment and NIC contributions, you should ask them for a form CF10, http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?record=yKpjabZqCc8&formid=433 - this is a small earnings exemption form and means you don't have to worry about paying NICs if your earnings are below a certain threshold (currently £5595). It can also be downloaded from HMRC website.

 

[Alan]

Bank account in trading name is fine.

 

[Yorkshire&Online]

When you speak with HMRC re self employment and NIC contributions, you should ask them for a form CF10, http://search2.hmrc.gov.uk/kb5/hmrc/...Cc8&formid=433 - this is a small earnings exemption form and means you don't have to worry about paying NICs if your earnings are below a certain threshold (currently £5595). It can also be downloaded from HMRC website.

But then the tax year in question might not be a qualifying year for the state pension, depending on whether you have contributed elsewhere.

 

[justwondering]

Hi , Thank you for your help , i have not earned any money for the pass two years , but have not have not been claiming any benefits , my income as been from the rental of my house .