Business Registration question, again!! sorry!

[carolandjessica]

Generally, the tax people want to know about new business start ups so that they can ensure that self employed business owners make interim payments of tax as appropriate due during the course of a tax year. Notifying them of a business start up is a different type of action to completing self assessment forms which are relevant only after your business has been trading. If you have only recently started your business, there will not be any tax due yet so no need to start worrying if you are having problems finding your way around their forms.



When it comes to completing forms online for your tax assessment, you will need to complete separate forms for each paid employment that you have (working for an employer) and also to complete separate forms for each business that you run as a self employed person.

Somewhere at the beginning of the online form completion process, the tax office system should give you the option of saying how many paid employments you have and how many self employments you have, and the system will then generate additional online forms for you to complete as are needed.

If you cannot get the online forms working correctly for you, please read the relevant guidance notes on the HMRC website which should explain everything for you.

http://www.hmrc.gov.uk/selfemployed/

Thank you very much for your guidance here. I'm taking another look at the site.

[squern]

I was in this situation some years ago, and went to see the tax people.
They told me it was perfectly possible to be employed and self-employed at the same time, and they had no problem with it.
They sort of treat you like two different people, depending which hat you have on.

I also found my local tax office to be very helpful about tax returns, allowances and so forth. (More than my accountant, who I sacked after a very short time).

Make friends with your tax office, tell them what you want to do, and keep them posted. You will find them very helpful & supportive, and they can give you lots of free advice about the right way to go about things.

[stampsandcoins1]

I've tried completing the online self-assessment form today but came unstuck regarding my employment status. I currently have a full-time job with a big company so I am an employee, but I make stuff to sell and want to register as a business which would then make me an employer. So in one hand I'm employed and the other I'm self-employed so the HMRC tax form then gets pretty complicated, for me anyway! I'm stuck on the first page, About you, Personal Information, Are you working for one person or firm only? It's just a Yes or No answer. I'm torn between the two here. Should the answer reflect what I'm currently doing or what I want to do ( make stuff/self-employed ). There is a piece written about having more than one job but it's still left up to me to decide which option I come under. I seem to belong to both!
Is there anyone else on here with a similar problem? There must be others who work during the day and sell on eBid as part-time/hobby/business in the evening. How did you get round this when registering as a business? I even phoned them this afternoon but they just kept me hanging on in a queue for 20mins or so. I gave up! I even followed the link through to the ESI ( Employment Status Indicator ) but that crashed 3 times!
Could anyone help please!

You are employed so must, therefore, pay PAYE and NI through your employer so self assessment does not apply.

As for your "side line" ie self employed you say that you started up in October 2013. HMRC are not interested at this stage, they are dealing with the tax year 2012/2013. You are in the tax year 2013/2014 which ends on April 05 2014 your Self Assessement form for that year does not have to be in until October 2014 and any tax due paid by January 31st 2015.

Get on with selling and good luck for many sales, you have no worries for this tax year

Best wishes
Alan

http://stampsandcoins1.ebid.net

[carolandjessica]

You are employed so must, therefore, pay PAYE and NI through your employer so self assessment does not apply.

As for your "side line" ie self employed you say that you started up in October 2013. HMRC are not interested at this stage, they are dealing with the tax year 2012/2013. You are in the tax year 2013/2014 which ends on April 05 2014 your Self Assessement form for that year does not have to be in until October 2014 and any tax due paid by January 31st 2015.

Get on with selling and good luck for many sales, you have no worries for this tax year

Best wishes
Alan

http://stampsandcoins1.ebid.net

Thanks so much for clearing that up for me.
I think someone else on here stated that I needed to apply twice, once for my daytime job and the other for ''my side line'' job. I've now let HMRC know about the ''side line'' job but unable to do it again for my daytime job, so perhaps I didn't have to do that one after all. They know all about that one anyway after working for 40 years.
I don't think I will bother with an Accountant either, a) can't afford it b) haven't sold a thing since registering...lol c) we are not going to be dealing with 100's of pounds here at the end of the day.

[carolandjessica]

I was in this situation some years ago, and went to see the tax people.
They told me it was perfectly possible to be employed and self-employed at the same time, and they had no problem with it.
They sort of treat you like two different people, depending which hat you have on.

I also found my local tax office to be very helpful about tax returns, allowances and so forth. (More than my accountant, who I sacked after a very short time).

Make friends with your tax office, tell them what you want to do, and keep them posted. You will find them very helpful & supportive, and they can give you lots of free advice about the right way to go about things.

Thank you for your advice. I will try ringing them again nearer the time.